Dick Clark Productions Will Be Acquired by Guggenheim, Mandalay
Dick Clark Productions, the producer of “New Year’s Rockin’ Eve,” “The Golden Globes” and other TV shows, agreed to be acquired by Guggenheim Partners LLC, Mandalay Entertainment and Mosaic Media Investment Partners LLC.
The investment group expects to complete the purchase of the company from RedZone Capital Management “expeditiously,” according to a statement today. The terms weren’t disclosed.
The deal comes almost five months after the death of Dick Clark, who started the production company in 1957. Dick Clark Productions created “The Golden Globes” Hollywood foreign-press award show, “The American Music Awards,” “The Academy of Country Music Awards,” the “Bloopers” franchise and “The $10,000 Pyramid” game show and its many spinoffs. At one point in the 1980s, Clark was hosting shows on all three major networks and in syndication.
“We look forward to continuing DCP’s production of branded entertainment that has become a part of the American lexicon,” Todd Boehly, president of Guggenheim Partners, a New York-based investment firm, said in the statement. “We plan to work closely with the Hollywood Foreign Press Association, the Academy of Country Music and all of the network partners and sponsors to ensure DCP’s long-term growth and success.”
The Wall Street Journal reported yesterday that the company was expected to fetch more than $350 million.
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