The Academy Museum of Motion Pictures announced Wednesday a landmark donation of $50 million from philanthropists Cheryl and Haim Saban.

This commitment—the largest gift to the Academy Museum Campaign—brings the museum’s fundraising success to $288 million, nearly 75% of its $388 million goal.

In recognition of their generosity, the May Company Building will now be named the Saban Building.

The Museum further announces that Ron Meyer, the distinguished entertainment industry executive, will head its newly established Board of Trustees. Meyer is Vice Chairman of NBCUniversal and with 23 years as the head of the studio, he is the longest serving studio chief. He is also a co-founder and former President of Creative Artists Agency.

In addition, the Museum also unveiled a first glimpse at concepts for the museum content, including the permanent exhibition, located in the 1939 former May Company building on Wilshire and Fairfax in Los Angeles.

The first of its scope and scale devoted to exploring the art and science of movies and moviemaking, the Renzo Piano Building Workshop-designed Museum is scheduled to open in 2019.