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November 17, 2014

Media Mogul Diller Commits $130-Million for N.Y. River Park

Billionaire entertainment executive Barry Diller and the Hudson River Park Trust are announcing plans Monday for a $170-million park and performance space off the western shore of Manhattan, with Mr. Diller providing most of the funding, The New York Times and The Wall Street Journal report.

The former Paramount Pictures and Fox head, who now chairs New York City-based media firm IAC/InterActiveCorp, has committed $130-million to develop the venue, to be called Pier55. The remaining funds would come from the city, the state, and the park trust.

Mr. Diller has established an independent foundation to build and operate the facility, to be constructed atop hundreds of concrete pillars at the site of a long-disused Hudson River pier. The project has grown significantly in scope and ambition since 2012, when the trust first approached the mogul with an idea for redeveloping the pier as a park and he initially pledged $35-million.