Dick Clark Productions and Eldridge, an asset management company, has acquired all relative properties from the Hollywood Foreign Press Association (HFPA), including the annual ceremony, the Golden Globes, just when the HFPA came under fire for not having enough representation in its leadership, member intake, and Golden Globe award recipients.
“As stewards of the Golden Globe Awards, our mission is to continue creating the most dynamic awards ceremony on live television viewed across the world,” said Jay Penske, chief executive, chairman, and founder of Penske Media and CEO of Dick Clark Productions. “We have a great team in place to grow this iconic brand and captivate new and existing audiences to celebrate the very best in television and motion pictures.”
Under the new arrangement, HFPA and its membership structure will be terminated and Dick Clark Productions will now be responsible for the run of the show, according to the announcement made Monday. A newly formed non-profit called the Golden Globe Foundation will focus on the philanthropic legacy of HFPA, while remaining assets of the awards show will pivot into a private company.
“We are excited to close on this much anticipated member-approved transaction and transition from a member-led organization to a commercial enterprise,” said Helen Hoehne, President of HFPA.
The significance of the Golden Globes becoming a private company resides in the added flexibility in managing operations as ownership chooses, whereas a non-profit falls under more regulated restrictions as far as diversity initiatives, profitability tactics, and the illusion of “ownership by the people” in order to receive government backing or federal funding, for instance. A voting plan for award nominees and recipients has yet to be revealed in detail.
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NBC has been a longtime platform for the Golden Globes. However, negotiations for other potential networks in addition to NBC are underway after the contract with the Comcast network expired.
The 81st annual Golden Globes will be televised on Jan. 7, 2024.
