Steven Spielberg and his Dreamworks partner Jeffrey Katzenberg have given officials at the Academy of Motion Picture Arts and Sciences an early Christmas gift - a $20 million (£13.3 million) donation.
The movie moguls have each given the Oscars bosses separate $10 million gifts and in return the two main galleries on the lobby floor of the Academy Museum will be named for the filmmakers.
Spielberg says, "I am so pleased to join with Jeffrey to help build this museum to celebrate, educate, and preserve the arts and sciences of motion pictures. Having our family name on the lobby floor is a deeply personal way to say how much motion pictures and the Academy have meant to all our lives."
Katzenberg adds, "Both Steven and I recognise that film’s global impact deserves a museum that reflects its unequaled heritage and serves as a beacon for the future of what we love. Marilyn and I appreciate this opportunity to be part of such a significant project."