Eldridge Industries is to acquire the Golden Globes, which will be turned into a private entity separate from the charitable and charitable programs of the Hollywood Foreign Press Association, which will be managed as a non-profit entity.
HFPA members voted to approve the transfer of ownership to Eldridge, which is run by Todd Boehly, who has served as the foundation’s interim CEO since last year. The HFPA put itself up for auction in May, and Boehle has been looking to buy out the organization ever since. This spring, the group formed a special committee within the nonprofit to determine a potential outside strategic interest in its organization and its assets.
“This is a historic moment for the HFPA and the Golden Globes,” said HFPA President Helen Hoen. “We have taken a crucial step forward to transform ourselves and adapt to this increasingly competitive economic landscape for both the award offering and the journalism market. Our special committee and team of legal and financial advisors have done an incredible job reviewing, analyzing and comparing the options before us. We are excited to move forward with the mandate to ensure that we continue Support us to increase diversity in all areas and sustain our charitable and charitable efforts that change our lives.”
According to the HFPA, Eldridge will create a new private company, which will acquire all of the Golden Globes’ intellectual property and “be empowered to oversee the professionalization and modernization of the Golden Globes. The transition will include staff development and the executive team to lead the new organization.”
As part of the transition, the group will add additional Golden Globe voters to “increase the volume and diversity of voters available for the annual awards,” the group said. But it also calls into question what a for-profit entity would look like, and whether that would lead to further concerns about the organization’s often-criticized behavior already. There’s also the matter of Boehly now owning Globes, and through Eldridge, MRC Live and Alternative – the company formerly known as Dick Clark Prods. , which produces Globes. (Boehly is also said to be aiming to acquire MRC Live and Alternative outright, according to Puck. Such a move could raise conflict of interest questions.) The HFPA said in its press release that it will have no more data or news processing beyond that. What was announced today.
Also according to the HFPA, “Boehly was not part of the review, recommendation, or approval process. In recent months, the HFPA’s financial advisor, Houlihan Lokey, has submitted numerous proposals from a number of companies and investment groups. Each proposal has been reviewed and analyzed by the committee. own at the HFPA, along with its legal counsel, Morgan, Lewis & Bockius LLP.”
The Special Committee consisted of three independent external members of the HFPA Board of Directors: Charlotte Hambrick, Jeff Harris and D. Joanna Massey.
“This review process was thorough, thoughtful, and thoughtful to ensure fairness and accuracy,” Hoen said. “According to our bylaws, the decision ultimately rests with our members, who voted on the proposal. As we look forward to celebrating our 80th anniversary in January 2023, we are very excited about this new era for our association.”
HFPA’s move comes after more than a year of turmoil for the nearly 80-year-old press organization that has thrived over the past 25 years with lucrative fees from NBCUniversal and other Golden Globe Awards partners.
There is no confirmation yet on whether the Globes will return to NBC in 2023, but it is likely that the new ownership structure will be a step forward in making that happen. we diverse Reporting in June, the HFPA had met with major network studios in the spring and early summer to draw up a list of changes the organization had made over the past year and a half. The HFPA promoted the addition of 21 new members (nearly half of whom are women, most of whom are people of color), as well as DEI training, a new Chief Diversity Officer, new independent advisors and advisors, a NAACP partnership, new gift, travel, conflict of interest policies and other regulations, among other reforms. other.
The HFPA has been in reform mode since the spring of 2021, when the Los Angeles Times detailed new allegations about questionable financial practices within the isolated small organization, as well as a paltry record of diversity and representation (including a complete lack of black members). The group responded by launching a reform framework that included measures to increase the number of people of color in its ranks. The organization had already set new limits on the gifts members could receive and payments for working on their committees.
However, these accusations of questionable practices and a lack of membership diversity prompted NBC to announce that it would not be broadcasting the Golden Globe Awards in 2022.
In May 2021, the HFPA announced a timeline that would reform the organization by creating “five pillars of change: accountability, membership, inclusion, good governance/ethics, and transparency.”
In January, without NBC as a broadcast partner, the Hollywood Foreign Journalists Association (HFPA) presented its 2022 Golden Globe Awards—in a private ceremony at the Beverly Hilton, without any nominees present. The 2022 gala focused on the partners and charitable efforts of the Golden Globes instead.