Normally we see the Hollywood/Hollywoodland sign straight on or looking up at it. If we've seen one like this looking over the hills I don't recall it.
It's on the AMPAS Museum's website advertising their upcoming exhibition about the founders of the movie industry.
AcademyMuseum On the website the credit is: The Hollywood Sign, ca. 1924, courtesy of Margaret Herrick Library
For comparison, the Historic Hollywood Photos website has 282 photos listed in their Hollywood Sign category, and only 1 similar to the above which is ca. 1924.
This one was taken in 1930. A lot of change in "circa" 6 years!