The Academy of Motion Picture Arts and Sciences and the Los Angeles County Museum of Art announced an agreement Tuesday to sign a memorandum of understanding to establish the museum at the former May Company Building, now known as LACMA West.
The memorandum clears the way for the two organizations to discuss details of a contract and for the Academy to begin developing plans for fundraising, design and exhibitions.
According to the statement, the Academy hopes to sign a long-term lease for the facility and will retain autonomy over all aspects of the museum.
The Associated Press contributed to this report.
