The Academy of Motion Picture Arts and Sciences has received a $7 million gift from Dolby Laboratories to provide cutting-edge audiovisual technology in the Academy Museum of Motion Pictures' movie theaters. Additionally, the Dolby family has made a $5 million gift to the Academy Museum's capital campaign. In recognition of this gift, 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," said 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 CEO 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."
Designed by Pritzker Prize-winning architect Renzo Piano and Zoltan Pali, the Academy Museum will be located next to the Los Angeles County Museum of Art in the historic Wilshire May Company building. Scheduled to open in 2017, the Academy Museum will contain more than 290,000 square feet of state-of-the-art galleries, exhibition spaces, theaters, educational areas, and special event spaces.
"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 launched the museum's capital campaign in 2012 and has already secured $225 million in pledges from more than 1,000 individual donors globally.
"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."