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Dolby donates $12 million for Oscar Museum

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The Academy of Motion Picture Arts and Sciences announced an incredibly new donation towards their film museum today, July 15, 2014, in Beverly Hills, Calif. The donation comes from two sources from Dolby. The first source is a $7 million donation from Dolby Laboratories for the Academy's movie theaters that will provide cutting-edge audiovisual technology. The second source, came directly from the Dolby family. They granted the Academy a gift of $5 million for the museum's capital campaign. To show recognition to the Dolby family, the Academy will name the museum's rooftop terrace the Dolby Family Terrace.

“Dolby Laboratories, founded nearly 50 years ago by Ray Dolby, continues to enhance and transform how we experience the movies," said Bob Iger, who is chairing the Academy Museum’s capital campaign along with co-chairs Annette Bening and Tom Hanks. “These generous gifts will help to ensure that the world will continue to experience the magic of cinema through the Academy Museum of Motion Pictures.”

“My husband Ray was passionate about elevating the sound of entertainment and his company’s contributions to cinema sound are well known,” noted Dagmar Dolby. “My sons, Tom and David, and I are honored to continue this legacy by supporting this important cultural project.” Kevin Yeaman, President and Chief Executive Officer of Dolby Laboratories, added, “Dolby Laboratories shares the Academy’s commitment to presenting films in a state-of-the-art environment that offers the best in sight and sound. We look forward to collaborating on the world’s premier movie museum with the Academy.”

The Academy of Motion Picture Arts and Sciences Museum as designed by Pritzker Prize-winning architect Renzo Piano and Zoltan Pali. The Academy Museum site is located next to the Los Angeles County Museum of Art (LACMA) in a re-designed version of the historic Wilshire May Company building. The museum is scheduled to open in 2017 and will boast more than 290,000 square feet of exhibition spaces, state-of-the-art galleries, theaters, special event spaces and educational areas.

“The Academy Museum will be able to provide visitors with an unmatched cinematic experience, thanks to the generosity of Dolby Laboratories and the Dolby family,” said Academy President Cheryl Boone Isaacs.

The Academy of Motion Picture Arts and Sciences announced its mission to build a landmark film museum and has raised $225 million from more than 1,000 donor from around the world.

“The generosity of Dolby Laboratories and the Dolby family will help us create an unforgettable experience for Museum visitors,” said Dawn Hudson, the Academy’s CEO. “Our long-standing partnership with Dolby reflects our joint commitment to transform and promote the art of moviemaking.”

The Academy of Motion Picture Arts and Sciences and the Dolby family continue to foster a relationship that began in 2012 when Kodak was unable to continue its lease at the home of the Oscars at the Hollywood and Highland complex. The Dolby family stepped in and took over the lease of the theater known today as the Dolby Theatre and forever sealed the fate of the Oscar's ceremony to be held in the city where movies began - Hollywood, Calif.

The Oscar's museum will finally bring a state-of-the art film museum to Los Angeles, which will serve as a place of education and celebration of the art of filmmaking.

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