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Barry Diller, the colorful media executive who once led Paramount Pictures and helped launch Fox Broadcasting, is now working to get a new project off the ground. The media mogul, who now leads IAC/InterActive Corp., has been quietly working behind the scenes to spur the development of a $170 million parks and cultural space slated to be constructed off of New York City’s Hudson River near 14th Street, according to The New York Times.

According to the report, Diller has agreed to contribute $130 million through a family foundation to build the park, and has enlisted producer Scott Rudin to help oversee the project. Another $39.5 million would be contributed via New York City, New York State and the Hudson River Park Trust, an organization that oversees the  design, construction and operation of the five-mile Hudson River Park.

A formal announcement of the project is expected to come Monday, the newspaper reported.

The park would be known as “Pier 55,” the Times reported. Its largest performance space might accommodate up to 1,000 people in seats and another 2,500 on a lawn. Other areas earmarked for performance would hold an 800-seat amphitheater and a small stage with 250 seats, the paper said.