Penske Media Eldridge Acquires Dick Clark Productions
Penske Media Eldridge on Wednesday said it has acquired Dick Clark Productions, the live events and alternative media producer.
The move is part of a larger strategic alliance with Eldridge augmenting its existing partnership with Penske Media Corporation’s entertainment media brands, which include The Hollywood Reporter and SXSW.
DCP produces live award shows and other music entertainment programs including the Golden Globe Awards; American Music Awards; Academy of Country Music Awards; Billboard Music Awards; Dick Clark’s New Year’s Rockin’ Eve; So You Think You Can Dance, in partnership with 19 Entertainment; and the Streamy Awards.
This deal continues Penske Media Eldridge’s expansion and investment in live events, with a portfolio that also includes Life Is Beautiful, ATX TV festival and LA3C.
“I am thrilled to expand our partnership with Eldridge and Todd,” said Jay Penske, CEO and founder of Penske Media. “I have long admired DCP’s portfolio of iconic and prominent live entertainment brands and look forward to growing and evolving DCP’s footprint and legacy for future audiences across all platforms.”
Added Eldridge chairman and CEO Todd Boehly: “At Eldridge, we seek to grow businesses that stand the test of time. Our decision to build upon our partnership with Penske Media, with whom we already have a deep alliance around media and publishing, is in service to that goal — so DCP may continue to flourish for many decades to come.”
Penske Media Eldridge will assume full control of DCP’s operations in the coming weeks. As part of the deal, Adam Stotsky will be stepping down as president after a period of transition.
PME is a PMC subsidiary and joint venture between Penske Media Corporation and Eldridge.
Last year, Eldridge acquired the Hollywood Foreign Press Association, the organizers of the Golden Globes, and turned it into a for-profit entity.
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