Updated at 9:15 PST:
The Academy has confirmed an agreement with the Los Angeles County Museum of Art to locate a new motion picture museum in a former department store owned by LACMA.
The AMPAS Board of Governors voted to approve the plan at its meeting on Tuesday night. The vote, and the proposal to locate the museum in the old May Company department store building at LACMA (left), was first reported by TheWrap.
The Academy release did not include details about the museum, or the "new and unique cultural center" that will result in the alliance between AMPAS and LACMA.