Hollywood
Academy of Motion Picture Arts and Sciences to have own museum in Los Angeles
NEW DELHI: Plans for the Academy Museum of Motion Pictures in Los Angeles have been approved unanimously by the City Council.
The Academy of Motion Picture Arts and Sciences which has been giving away the Oscar Awards since 1929 announced that construction will begin this summer, and ceremonial groundbreaking festivities will occur this fall.
“I am thrilled that Los Angeles is gaining another architectural and cultural icon,” said Mayor Eric Garcetti. “My office of economic development has worked directly with the museum’s development team to ensure that the Academy Museum of Motion Pictures will create jobs, support tourism, and pay homage to the industry that helped define our identity as the creative capital of the world.”
“We are grateful to our incredible community of supporters who have helped make this museum a reality,” said Academy CEO Dawn Hudson. “Building this museum has been an Academy goal for many years and we wouldn’t be here today without our neighbors on Museum Row, our Board of Governors, our current and past Academy Presidents, members, and of course, our generous donors.”
“I could not think of a better home for the Academy Museum than Museum Row. The museum will be an iconic addition to our city and will inspire generations to come,” said Council member Tom LaBonge, during the final days of his 14 years representing Council District 4, which includes the Academy Museum site on the Miracle Mile.
Designed by Pritzker Prize-winning architect Renzo Piano, the Academy Museum will restore and revitalize the historic Wilshire May Company building at the corner of Wilshire Boulevard and Fairfax Avenue.
The Academy Museum will feature six floors of exhibition spaces, a movie theatre, education studios, special event spaces, conservation areas, and a café and store. A new spherical addition will connect to the May Company building with glass bridges and will feature a state-of-the-art 1,000-seat theater and a rooftop terrace.
“Renzo’s design embodies the museum’s mission: Just as it links the past and present by connecting the May Company building with the new sphere, our exhibitions and programmes will explore the history and future of cinema,” said Kerry Brougher, the Academy Museum’s director. “Our museum will, for the first time, open up the western edge of the campus to the surrounding community, inviting our neighbors onto an open public piazza. Renzo’s sensitivity to location and urbanism will transform this site and make it a gathering place in Los Angeles.”
The main lobby level of the museum will feature public areas including a free introductory gallery. The lobby will connect to the outdoor public piazza and a new pedestrian walkway. The museum also will have a main entrance on Wilshire Boulevard, facilitating easy access for pedestrians and mass transit riders.
“The museum will be the year-round public face of the Academy,” said Academy President Cheryl Boone Isaacs. “We will draw on the immense talents of our members to tell the story of motion pictures from a global perspective, for a global audience.”
The Academy Museum’s architectural team comprises Renzo Piano Building Workshop, design architect, in collaboration with Gensler as executive architect. Morley Builders and Taslimi Construction Company are the general contractors, and the building developer is Paratus Group. The museum is scheduled to open in late 2017.
The Academy Museum will feature a core historical exhibition and rotating temporary exhibitions, complemented by special projects, publications, digital initiatives and a slate of public programs that will include screenings, premieres, panel discussions, gallery talks and K–12 education initiatives. The Museum’s exhibitions and programs will convey the magic of cinema and offer a glimpse behind the screen, illuminating the creative, collaborative process of filmmaking.
The Academy launched the Museum’s $300 million capital campaign in 2012, chaired by Bob Iger and co-chaired by Annette Bening and Tom Hanks. The Academy has already secured more than $250 million in pledges from more than 1,300 individual donors globally.
Hollywood
Paramount eyes $24bn Gulf support to fund Warner Bros Discovery merger: Reports
Sovereign funds line up funding as media giants chase streaming scale
NEW YORK: Paramount Skydance is in talks to secure nearly $24 billion in equity commitments from Gulf sovereign wealth funds to support its planned takeover of Warner Bros. Discovery, according to a WSJ report.
The funding push comes as Paramount Skydance advances its proposed $110 billion deal for Warner Bros. Discovery, which carries an equity valuation of $81 billion and is expected to close in the third quarter of 2026.
At the heart of the financing plan are three major Gulf investors. Saudi Arabia’s Public Investment Fund is expected to contribute roughly $10 billion, while the Qatar Investment Authority and Abu Dhabi-based L’imad Holding are likely to make up the remainder.
Crucially, the proposed investments are structured as non-voting stakes. This means the Gulf backers would not have direct control in the combined entity, a move designed to ease regulatory concerns in the United States. Paramount executives reportedly do not expect the deal to trigger scrutiny from bodies such as the Committee on Foreign Investment in the United States or the Federal Communications Commission.
If completed, the merger would bring together a formidable portfolio of entertainment and news assets, including CNN and CBS. The combined entity aims to better compete in a fast-evolving media landscape where streaming platforms are steadily pulling audiences away from traditional television.
The deal reflects a broader shift in global media, where scale is increasingly seen as essential to survive the streaming wars. By pooling content libraries, technology and distribution, Paramount Skydance and Warner Bros. Discovery are betting on size and synergy to drive future growth.
The involvement of deep-pocketed Gulf investors also underscores the growing role of sovereign wealth in shaping global media consolidation, particularly at a time when high-value deals demand equally large financial backing.
With shareholder votes and regulatory milestones still ahead, the proposed tie-up remains one of the most closely watched media deals of the year. If it clears the final hurdles, it could redraw the competitive map of the global entertainment industry.
