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MOCA Takes Broad's $15 Million Bailout

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Los Angeles' beleaguered Museum of Contemporary Art has been resuscitated by the generous purse-strings of a well-known benefactor. According to the LA Times, MOCA's board "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." This means that MOCA will not opt for a merger with LACMA and will instead to continue to operate independently. Broad has said that despite his philanthropic connection to LACMA, he feels there will be no damage to his relationship with them in light of his move to rescue MOCA.

Operations, however, behind the scenes at MOCA will be under new stewardship. Current director Jeremy Strick has resigned after much public pressure to do so, and the board "has appointed UCLA Chancellor Emeritus Charles E. Young as the museum's first chief executive." Strick has not commented on his resignation, and Broad, while supportive of the removal of Strick and agreeable to the appointment of Young, did not call for it or make it a condition of the agreement.