Penske Media Eldridge (PME) today announced the acquisition of live events and alternative media producer Dick Clark Productions (dcp) as part of a larger strategic alliance with Eldridge, expanding its existing partnership with Penske’s entertainment media brands Media (PMC). and SXSW. PME is a subsidiary of PMC and a joint venture between Penske Media Corporation and Eldridge.
dcp is known worldwide for its constellation of live awards shows and other music 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 agreement marks continued expansion and investment in Penske Media Eldridge’s robust live events portfolio, which includes SXSW, Life is Beautiful, ATX TV Festival and LA3C.
“I look forward to expanding 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 expanding and developing dcp’s presence and legacy across all platforms for future audiences.”
“At Eldridge, we strive to grow companies that stand the test of time,” said Todd Boehly, Chairman and CEO of Eldridge. “Our decision to build on our partnership with Penske Media, with whom we already have a close media and publishing alliance, serves that purpose – to ensure that dcp can continue to thrive for decades to come.”
Founded in 1957, dcp owns and produces some of the entertainment industry’s most enduring and prestigious awards, TV specials and IP archive libraries worldwide. Penske Media Eldridge will assume full control of dcp’s operations in the coming weeks. As part of the deal, Adam Stotsky will step down as president after a transition period.
Writer: Mike Fleming Jr
Source: Deadline
Elizabeth Cabrera is an author and journalist who writes for The Fashion Vibes. With a talent for staying up-to-date on the latest news and trends, Elizabeth is dedicated to delivering informative and engaging articles that keep readers informed on the latest developments.
