Penske Media Eldridge Acquires Dick Clark Productions
Penske Media Eldridge on Wednesday stated it has acquired Dick Clark Productions, the stay occasions and various media producer.
The transfer is a component of a bigger strategic alliance with Eldridge augmenting its current partnership with Penske Media Company’s leisure media manufacturers, which embody The Hollywood Reporter and SXSW.
DCP produces stay award exhibits and different music leisure applications together with the Golden Globe Awards; American Music Awards; Academy of Nation Music Awards; Billboard Music Awards; Dick Clark’s New 12 months’s Rockin’ Eve; So You Assume You Can Dance, in partnership with 19 Leisure; and the Streamy Awards.
This deal continues Penske Media Eldridge’s enlargement and funding in stay occasions, with a portfolio that additionally consists of Life Is Lovely, ATX TV pageant and LA3C.
“I’m thrilled to increase our partnership with Eldridge and Todd,” stated Jay Penske, CEO and founding father of Penske Media. “I’ve lengthy admired DCP’s portfolio of iconic and outstanding stay leisure manufacturers and sit up for rising and evolving DCP’s footprint and legacy for future audiences throughout all platforms.”
Added Eldridge chairman and CEO Todd Boehly: “At Eldridge, we search to develop companies that stand the take a look at of time. Our choice to construct upon our partnership with Penske Media, with whom we have already got a deep alliance round media and publishing, is in service to that purpose — so DCP might proceed to flourish for a lot of a long time to come back.”
Penske Media Eldridge will assume full management of DCP’s operations within the coming weeks. As a part of the deal, Adam Stotsky will likely be stepping down as president after a interval of transition.
PME is a PMC subsidiary and three way partnership between Penske Media Company and Eldridge.
Final yr, Eldridge acquired the Hollywood International Press Affiliation, the organizers of the Golden Globes, and turned it right into a for-profit entity.