ROME (AP) -- The Academy of Motion Picture Arts and Sciences announced a $500 million fundraising campaign Friday to ensure long-term, global support for its Oscar prizes, museum and educational programming in view of its 100th anniversary in 2028.
Academy officials announced the campaign at a press conference in Rome alongside the leadership of Cinecitta, the Italian public film company behind many of Italy's Oscar-winning movies. The aim was to underscore the global thrust of the Academy's initiative.
Academy CEO Bill Kramer said the first $100 million of the campaign had already been secured. Academy officials thanked longtime supporter Rolex and the Dorchester Collection, which manages hotels owned by Dorchester Group Ltd., a subsidiary of Brunei's sovereign wealth fund, Brunei Investment Agency.
The press conference was held at the Dorchester's swank Hotel Eden, located just off Rome's Via Veneto.
Kramer said the fundraising initiative was necessary to diversify revenue sources and expand the global reach of the film academy, with the aim of reaching the fundraising goal by the 100th Oscar ceremony in 2028.
