MOCA Accepts Broad’s Lifeline

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After weeks of conjecture, the board of the financially strapped Museum of Contemporary Art has voted to accept a $30-million bailout offer from billionaire philanthropist Eli Broad, a founder and life trustee of the museum and the city’s largest arts patron.

In addition, MOCA’s beleaguered director, Jeremy Strick, has resigned and MOCA has appointed UCLA Chancellor Emeritus Charles E. Young as the museum’s first chief executive.

The Broad deal ends speculation that the museum might opt to accept a merger offer made last week by the Los Angeles County Museum of Art. According to the agreement, the Eli and Edythe Broad Foundation will match contributions to MOCA’s endowment up to $15 million and provide $3 million a year for exhibition support for five years.


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