On Thursday, the Hollywood Foreign Press Association approved a proposal from Eldridge Industries LLC to form a new private entity to manage the Golden Globes businesses and maintain the charitable and philanthropic programs in a separate nonprofit entity.
The plan includes the creation of a new private company that will acquire all the intellectual property rights of the Golden Globes and will have the right to oversee the professionalization and modernization of the Golden Globe Awards.
The transition includes developing the staff and executive team to lead the new organization. Additional Golden Globe voters will also be added to increase the size and diversity of voters available for annual awards.
The vote comes after Eldridge president and CEO Todd Bohl, who was named interim CEO of HFPA last fall, tabled proposed changes in April; He had a connection with the organization because Eldridge owns MRC and Dick Clark Productions, the latter of which produces the Golden Globes.
His appointment was part of an HFPA move as it continues to implement promised reforms, backlash over lack of diversity and other issues.
Boehly was not part of the review, recommendation or approval process.
“This is a historic moment for the HFPA and the Golden Globes,” HFPA President Helen Hoehne said in a statement today. “We have taken a decisive step to transform and adapt to this increasingly competitive economic landscape, both for awards and for the journalistic market. Our dedicated committee and team of legal and financial advisors have done an incredible job reviewing, analyzing and comparing the options presented to us. We are excited to continue our mandate to ensure we continue to support greater diversity in all areas and support our life-changing philanthropic and philanthropic efforts. ”
In recent months, HFPA financial adviser Houlihan Lockey has been tasked by the HFPA with soliciting proposals and reviewing alternative transactions; He has published several proposals submitted by numerous companies and investment groups. Each proposal has been reviewed and reviewed by an HFPA special committee, along with its legal counsel, Morgan, Lewis & Bockius LLP.
The special committee was made up of three independent members of the HFPA board of directors: Charlotte Hambrick, Jeff Harris, and Dr. Joanna Massey.
“This review process was thorough, specific and thoughtful to ensure fairness and accuracy,” Hohne added. “According to our statute, the decision ultimately fell to our members, who voted for the proposal. While we look forward to celebrating our 80th anniversary in January 2023, we are incredibly excited about this new era for our association. “
Source: Deadline
