Penske Media Eldridge (PME) has announced its acquisition of Dick Clark Productions (dcp).
Dick Clark Productions is the producer of live award shows and other music entertainment programs such as 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.
PME is a PMC subsidiary and joint venture between Penske Media Corporation and Eldridge.
The new deal marks the continued expansion and investment in Penske Media Eldridge’s live event portfolio which includes SXSW, Life is Beautiful, ATX TV festival and LA3C.
“I am thrilled to expand our partnership with Eldridge and Todd,” said CEO and Founder of Penske Media, Jay Penske. “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.”
“At Eldridge, we seek to grow businesses that stand the test of time,” said Todd Boehly, Chairman and CEO of Eldridge. “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 dcp President after a period of transition.
Penske Media Corporation (PMC)’s media brands include Variety, Rolling Stone, The Hollywood Reporter, Billboard, WWD, SHE Media, Robb Report, Deadline, Sportico, BGR, ARTnews, Fairchild Media, Vibe, IndieWire, Dirt, Artforum, Gold Derby, Spy.com and Luminate, the data and analytics company.
PMC is an investor and partner in Music Business Worldwide.Music Business Worldwide