Dick Clark Productions and Eldridge said Monday morning that they have acquired all the Golden Globes’ assets, rights and properties from the Hollywood Foreign Press Association, turning the Hollywood awards show into a commercial enterprise. As a result, the HFPA and its membership, which have handed out the awards, will shutter.
The announcement was made by Todd Boehly, Chairman of Eldridge, and Jay Penske, CEO, chairman and Founder, Penske Media, who also is CEO of DCP.
With proceeds from the transaction and the existing resources of the HFPA, the new owners will launch the Golden Globe Foundation, which will carry on HPFA’s entertainment-related charitable giving.
As part of the deal, DCP and its partners will plan, host and produce the annual Golden Globe Awards show and will pursue commercial opportunities for the Golden Globes globally.
Dick Clark Prods. said in February that the 81st annual Golden Globe Awards will be held Sunday, January 7, 2024. There is no broadcast partner yet for the event after the awards show’s most recent contract with its longtime network, NBC, came to an end. Discussions have been held with outlets including NBC.
Today’s transaction completes a process that was kicked off last July, when the HFPA approved Eldridge Industries’ proposal to create a private entity to manage its Golden Globes assets, with a separate nonprofit to preserve its charitable and philanthropic programs.
The restructure was proposed by Boehly, the Eldridge chairman and CEO who was named interim CEO of the HFPA in fall 2021 amid the organization’s restructuring after backlash over its practices and lack of diversity. Eldridge along with PMC in a joint venture own dick clark productions, which produces the Golden Globes.
“We are excited to close on this much anticipated member-approved transaction and transition from a member-led organization to a commercial enterprise,” said HFPA President Helen Hoehne.
The 2023 Golden Globe Awards marked the awards show’s return to TV following a non-televised 2022 ceremony amid the controversy surrounding the lack of diversity among HFPA membership. The ceremony drew 6.3 million viewers, an all-time low.
Penske Media Eldridge acquired dcp in January as part of a larger strategic alliance, with Eldridge augmenting its existing partnership with Penske Media’s entertainment media brands and SXSW. PME is a PMC subsidiary and joint venture between Penske Media Corporation and Eldridge.
PMC is the owner of Deadline.
This article was originally published by Deadline. The author is Nellie Andreeva.
