Former Univision Chief Pledges Art Worth $500-Million

How much: A pledge of at least 47 artworks, valued at $500-million

Who got it: Los Angeles County Museum of Art

Who gave it: A. Jerrold (Jerry) Perenchio, former chairman and chief executive of Univision Communications, the Spanish-language television network he and his partners sold for $12.3-billion in 2007.

More about the gift: Talks between the museum and Mr. Perenchio, a longtime visitor, took place over three years. The museum, now conducting a $600-million capital campaign, must complete its new building before it can receive Mr. Perenchio’s collection, which includes some rarely exhibited 19th- and 20th-century European art.

Impact of the gift: The gift is especially significant, says Michael Govan, LACMA’s director, because local philanthropy, while on the rise, is still nascent. “The idea of the multigenerational philanthropy that exists in other cities doesn’t quite exist here,” he says. “This is a sign of the maturity of the place, not just the museum.”