Explosive big news out of the US today with the news that the Hollywood Foreign Press Association will be dissolved after 80 years, after Dick Clark Productions acquired the broadcast rights to the Golden Globe Awards.
The California Attorney General signed off on a plan to convert the nonprofit into a for-profit enterprise, with its 95 members to become employees of private equity firm Eldridge Industries.
Dick Clark Productions and its partners will oversee the telecast of the awards, as they have for years, and look for other ways to extend the Globes Around the world.
The LA Times reports it Proceeds from the deal, along with the HFPA’s existing assets, will go to a newly formed non-profit Golden Globe Foundation, which will oversee the group’s philanthropic and charitable giving.
“We are thrilled to conclude this much-anticipated member-approved transaction and transition from a member-led organization to a commercial enterprise,” Helen Hoehne, former president of HFPA, said in a statement.
“Today marks a significant milestone in the evolution of the Golden globessaid Boehly, who is president of Eldridge. “My partners at DCP and I are grateful to Helen and the team for their commitment to the successful implementation of a robust governance approach, the expansion of the diverse and international voting body, the implementation of an professional, safe and responsible and confidence in new ownership with new direction for the Globes.”
The move is designed to fight years of judgmental chatter to move towards employee-based accountability and lack of diversity.
Under the association’s new incarnation, its employees will receive an annual salary of $75,000 for their work. Their responsibilities will include screening of submitted films and TV series golden globe consideration, participation in the voting process for nominations and winners, creation of content for the organization’s website, and management of awards and group history materials.
Eldridge Industries also owns several other related businesses Globesincluding Penske-owned trade publications, the Hollywood Reporter and Variety.
Following the recent headlines, NBC – which has aired the show since 1996 – committed to a one-year trial only. The next few years Globesthe 81st, will air Jan. 7, but whether the show will air on NBC, another television network, or a streaming platform remains to be seen.
