Boehly. a month after make an offer Network Currently Closed To Buy Award Show, Jack Up Scandal Soaked Hollywood Foreign Press Associationmembership of, and closing its non-profit status, the Helen Hohen-led group is now at the door “to review proposals” and “how to achieve optimal financial and business growth for the Golden Globe® brand in the future”. is opening. from any interested parties. , – Read the full HFPA statement below.
A shiva plan that got billionaire and Dick Clark production owner Boehli out in the cold in terms of the “review, recommendation or approval process regarding these proposals” thanks to the creation of an independent board member “special committee”. In that context, the HFPA signed a term-sheet that “allows the HFPA to solicit other proposals and consider alternative transactions.”
“At least one other entity has already shown interest in making the proposal,” the HFPA said.
Amidst a wave of outrage from the flakes and outlets, NBC Pulled the plug at the 2022 Globes in May 2021 as a harsh spotlight on the lack of any black members of the HFPA and the legacy of grifting. While many streamers and others forgot earlier this year they were boycotting the Golden Globes and promoting their show and winning talent after non-television shows handed out their trophies.
Despite the HFPA’s reform efforts over the past year, the future of the booze festival is still in doubt, with NBC clearly not the other institution in the game, I’ve heard. In fact, it seems that the network’s interest in engaging in the internal politics of the HFPA is less than zero.
On the other hand, some believe that today’s move is a case of shadow boxing by the HFPA and Boehly. “They want to look like they’ve made an effort, but it’s a trick and it’ll all end with Todd, I bet,” a top agency source told Deadline this afternoon.
Read today’s full HFPA announcement below:
Continuing its ongoing transformation process, the Hollywood Foreign Press Association (“HFPA”) announced the start of a formal review to determine a potential external strategic interest in its organization and assets. Potential proposals are to be reviewed by a special committee composed of completely independent members of the Board of Directors with the assistance of financial and legal advisors.
As we announced last year, the HFPA embarked on a process of change and transformation by addressing issues of diversity, governance and conduct. As we continue that process, we move through the stage of determining the best course of action in relation to the achievement of the HFPA’s mission, including how to achieve optimal financial and commercial growth for the Golden Globe® brand in the future ,” said Helen Hohen, HFPA President. “The Board of Directors has appointed an independent committee to work with our financial and legal advisors to review proposals from any interested parties at such a stage.
The HFPA has launched a review of potential strategic options in response to recent inquiries about potential partnership opportunities for journalism to significantly change market conditions and leverage its lucrative assets in the post-pandemic environment. Its special committee will review potential strategic options with the goal of optimizing the value of the HFPA’s various assets and continuing to enhance the organization’s position in the market while strengthening its relationships with various stakeholders.
As part of this review, the HFPA has negotiated a term sheet with Eldridge Industries LLC (“Aldridge”), a global firm that specializes in insurance, asset management, technology, sports, media, real estate and consumer goods, including Invests in various industries. Area. Aldridge was founded and chaired by Todd L. Boehly, who is currently the interim Chief Executive Officer of the HFPA. The term sheet allows the HFPA to solicit other proposals and consider alternative transactions. At least one other entity has already shown interest in making the proposal.
The special committee notably consists of three external independent members of the board: Charlotte Hambrick, Jeff Harris and Dr. Joanna Massey. This special committee will consider a variety of strategic options, and Houlihan Loki, Inc. and will review any proposals from interested parties with the assistance of its legal advisors. Boehly will not be part of the review, recommendation or approval process in relation to these proposals.
The decision to create a special independent committee, which will work closely with financial and legal advisors, follows our previously stated commitment to adhere to good governance practices and transparency in our operations,” Hohen said.
The HFPA is committed to a thorough and prompt review of its potential strategic options to identify the way forward in its best interest. At this time, the Special Committee has not reached any conclusions, and no assurance can be given that any transactions or other strategic changes or outcomes will result from the review.
The HFPA is committed to continuing its process of change and transformation to address issues of diversity, governance and conduct, regardless of a transaction or other strategic change or outcome. The HFPA does not intend to comment further unless it determines that additional disclosure is appropriate or necessary.
Disclosure: Deadline’s parent company PMC has a partnership in PMRC with the Boehly-headed MRC, which owns Billboard, Vibe, and The Hollywood Reporter.