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.