The Hollywood Foreign Press Association (HFPA) has sold off all assets and rights of the Golden Globes, marking a “wind down” of the organisation and its membership.
The major US awards show, which has previously been organised by the HFPA, has been acquired by Dick Clark Productions (DCP) and asset management company Eldridge.
It comes after previous controversy surrounding the HFPA, which has seen the annual ceremony affected in recent years.
US broadcaster NBC refused to air the annual show in 2022 over the organisation’s lack of diversity among its members.
Dick Clark Productions and Eldridge Acquire Golden Globes. Read More: https://t.co/BOFcjoz8Vf pic.twitter.com/eqZHcHE6c8
— Golden Globe Awards (@goldenglobes) June 12, 2023
The HFPA subsequently vowed to overhaul its bylaws and implement changes addressing ethics and inclusion.
On Monday, it was announced that DCP and Eldridge had acquired all of the Golden Globes’ assets, rights, and properties from the HFPA, with a statement adding that the transaction would “result in the wind down of the HFPA and its membership”.
“The proceeds from the transaction, plus the existing resources of the HFPA, will transition into a newly formed Golden Globe Foundation which will continue the legacy HFPA’s history of entertainment-related charitable giving,” the statement read.
DCP and Eldridge will now plan, host and produce the annual Golden Globes ceremony, which typically kicks off awards season.
The financial details of the transaction have not been disclosed.
“We are excited to close on this much anticipated member-approved transaction and transition from a member-led organisation to a commercial enterprise,” said Helen Hoehne, HFPA president.
“Today marks a significant milestone in the evolution of the Golden Globes,” said Todd Boehly, chairman of Eldridge.
“My partners at DCP and I are grateful to Helen and team for their commitment to the successful implementation of a robust approach to governance, the expansion of the diverse and international voting body, implementing a professional, safe, and accountable environment, and trusting new ownership with a new direction for the Globes.”
Jay Penske, chief executive of DCP, added: “As stewards of the Golden Globe Awards, our mission is to continue creating the most dynamic awards ceremony on live television viewed across the world.
“We have a great team in place to grow this iconic brand and captivate new and existing audiences to celebrate the very best in television and motion pictures.”
The 81st annual Golden Globe Awards is due to take place on January 7 2024.