In the latest on a story I’ve mostly ignored, Diane Haithman in the LA Times arts blog reports that Los Angeles’ MOCA has decided to accept Eli Broad’s $30 million bailout, strings attached. Broad will match contributions to MOCA’s endowment up to $15 million and provide $3 million a year for exhibition support for five years. In exchange, the institution will agree to "continue operating as an independent world-class contemporary art museum,” keep its current locations, “keep its collection intact and not sell any works of art.” and tighten it’s belt. Although it was not part of the deal, Director Jeremy strick has resigned, replaced by UCLA Chancellor Emeritus Charles E. Young, who will fill a newly-created "CEO" post.
Corporate bailout
