03/07/2013 01:57 pm ET Updated May 07, 2013

Exclusive: LACMA Moves To Take Over MOCA -

The Los Angeles County Museum of Art has made a formal proposal to acquire the Museum of Contemporary Art in Los Angeles, which has been struggling with financial troubles and staff and board defections.

LACMA Director Michael Govan and the two co-chairs of his board made the offer in a Feb. 24 letter to the MOCA board co-chairs, laying out the rationale for an acquisition.