Dolby Gifts of $12 Million Given to Academy Museum
Dolby Laboratories and the family of its founder, the late Ray Dolby, have donated gifts of $12 million to the Academy of Motion Picture Arts and Sciences' Academy Museum.
In recognition of the 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," Dagmar Dolby said. "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 — who was also among the 271 new members invited to join the Academy — commented. "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 along with Zoltan Pali, the Academy Museum will be located next to the Los Angeles County Museum of Art in the historic May Company building on Wilshire Boulevard, and is scheduled to open in 2017.
The Academy launched the Museum's capital campaign in 2012 and reported that it has 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," Academy CEO Dawn Hudson said. "Our long-standing partnership with Dolby reflects our joint commitment to transform and promote the art of moviemaking."