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 seeks FCC nod for foreign-backed $110 billion WBD deal
Gulf funds back merger as foreign stake nears 50 per cent, control stays with Ellison
NEW YORK: Paramount Global has approached the Federal Communications Commission seeking approval for foreign investments tied to its proposed $110 billion acquisition of Warner Bros. Discovery, marking another key step in one of the biggest media deals in recent years.
According to regulatory filings made public this week, the investment backing the deal includes major Gulf sovereign funds such as the Public Investment Fund, the Qatar Investment Authority and L’imad Holding Company. Together, foreign investors are expected to hold just under 50 per cent of Paramount’s equity once the transaction is complete.
Despite the sizeable international backing, Paramount has made it clear that voting control will remain with the family of chief executive David Ellison, ensuring the company stays firmly under US control as required by broadcasting rules.
A company spokesperson described the FCC filing as routine for transactions involving foreign capital and stressed that it does not impact the closing of the deal. Under US law, any significant foreign ownership in broadcast licence holders must undergo regulatory review.
The merger itself has already cleared a major hurdle, with Warner Bros. Discovery shareholders approving the deal on 23 April. The transaction values the company at $31 per share, a 147 per cent premium to its earlier trading price, reflecting strong strategic intent behind the tie-up.
If completed, the combined entity will bring together a vast portfolio including Warner Bros. film studios, HBO Max, and networks such as CNN, TNT and Discovery Channel. The deal is currently expected to close in the third quarter of 2026.
However, scrutiny is intensifying. The US Department of Justice has issued subpoenas seeking details on the merger’s potential impact on cinema competition, streaming services and content licensing. Reviews are also anticipated in international markets, including the United Kingdom.
There is also a financial safety net built into the agreement. If regulators ultimately block the deal, Paramount would face a $7 billion break-up fee. Additionally, the company has taken on $2.8 billion in obligations previously owed by Warner Bros. Discovery to Netflix following an earlier terminated arrangement.
Paramount maintains that easing foreign ownership barriers will unlock fresh capital and strengthen its ability to compete in a rapidly evolving media landscape. For now, the spotlight remains on regulators, whose decision will determine whether this global media consolidation moves from script to screen.
