Topline
The Hollywood Foreign Press Association has sold the Golden Globe Awards and will close down two years after an exposéfound major racial disparities within the nonprofit that led to widespread boycotts of the film and television accolades, but the awards show will live on after being purchased by another entity.
Todd Boehly’s Eldridge acquired HFPA, where he had been serving as interim CEO since 2022.
Key Facts
Dick Clark Productions, a longtime producer of the Golden Globes, and its parent holding company, Eldridge, have jointly acquired the assets, rights and properties of the Golden Globe Awards, according to a Monday announcement.
The awards were acquired from the Hollywood Foreign Press Association, a nonprofit of entertainment industry professionals who have conducted the Golden Globes since 1944.
The awards show will become part of Dick Clark Productions’ for-profit operations, and the new owners will establish the Golden Globe Foundation to continue, per the announcement.
Financial details were not disclosed.
Forbes Valuation
Billionaire entertainment investor Todd Boehly is the owner of Eldridge, which he founded in 2015. Through Eldridge, he acquired a wide range of entertainment-related assets, including Dick Clark Productions, as well as the Hollywood Reporter and Bruce Springsteen’s song rights. Boehly was named interim CEO of the Hollywood Foreign Press Association in October 2021, less than a year after the Los Angeles Times published an exposéabout the lack of racial diversity in the organization. Forbes estimates Boehly’s net worth to be worth $5.3 billion.
Key Background
The acquisition announced Monday has been in the works since July 2022, when the Hollywood Foreign Press Association approved a preliminary deal under Boehly’s leadership to hand over the awards’ assets to Eldridge. That deal was made in an effort to “increase the size and diversity of available voters for the annual awards” amid claims the awards and their voters were exclusionary. In early 2021, the Los Angeles Times reported the Hollywood Foreign Press Association had not had a new Black member since its former president Meher Tatna joined in 2002. Further reporting found new Hollywood Foreign Press Association members were required to have sponsorship from two current members, sparking critiques that the group was too exclusive. These allegations came three years after actor Brandon Fraser had accused former Hollywood Foreign Press Association president Philip Berk of groping him in 2003. In response, NBC, the awards’ longtime broadcaster, did not air the awards ceremony in 2022, but brought them back in 2023.
Further Reading
The Golden Globes’ Big Comeback: What’s At Stake, Who’s Presenting And How Did The Awards Emerge From Controversy (Forbes)
In Move to Save Golden Globes, HFPA to Become For-Profit Org, Add More Voting Members (Variety)
Golden Globes Former President Admits the HFPA Hasn’t Had Any Black Members in Two Decades (Variety)
Golden Globes voters in tumult: Members accuse Hollywood Foreign Press Assn. of self-dealing, ethical lapses (LA Times)
Todd Boehly (Forbes)
Source: https://www.forbes.com/sites/katherinehamilton/2023/06/12/golden-golds-operator-shutters-awards-show-sold-amid-controversies/