Penske Media Eldridge on Wednesday stated it has acquired Dick Clark Productions, a stay occasions and different media firm.
The transfer is a part of a broader strategic partnership with Eldridge to increase its present partnership with Penske Media Company’s leisure media manufacturers, which embrace Hollywood reporter and SXSW.
DCP produces stay awards exhibits and different music leisure packages 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 Suppose You Can Dance, in collaboration with 19 Leisure; and Streamy Awards.
This settlement continues Penske Media Eldridge’s enlargement and funding in stay occasions, with a portfolio that features Good Life, ATX TV present and LA3C.
“I’m excited to increase our partnership with Eldridge and Todd,” stated Jay Penske, CEO and founding father of Penske Media. “I’ve all the time admired DCP’s model of high-quality and in style leisure content material and look ahead to rising and enhancing 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 on our partnership with Penske Media, with which we have already got a deep partnership in media and publishing, is working in direction of that purpose – in order that DCP can proceed to thrive for many years to come back.”
Penske Media Eldridge will take full management of DCP operations within the coming weeks. As a part of the deal, Adam Stotsky might be stepping down as president after a transition interval.
PME helps PMC and is a three way partnership between Penske Media Company and Eldridge.
Final yr, Eldridge discovered the Hollywood Overseas Press Affiliation, the organizers of the Golden Globes, and turned it right into a revenue.