February 8, 2023


Today's News Headlines, Breaking News & Latest News from India and World, News from Politics, Sports, Business, Arts and Entertainment

Penske Media acquires Eldridge Dick Clark Productions

2 min read

Penske Media has acquired Eldridge Dick Clark Productions in a deal that marks a major expansion for the parent company of Variety, Rolling Stone, Billboard and other top media brands.

Financial details of Todd Boehly’s deal with Eldridge Industries were not disclosed.

“I am thrilled to expand 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 growing and evolving DCP’s footprint and legacy for future audiences across all platforms.”

“At Eldridge, we want to grow businesses that stand the test of time,” said Boehly, chairman and CEO of Eldridge. “Our decision to build on our partnership with Penske Media, with whom we already have deep alliances around media and publishing, serves that purpose – so DCP can thrive for decades to come.”

Dick Clark products. Recently owned by Eldridge Industries. DCP has come through a revolving door of owners and managers over the past decade.

Longtime NBCUniversal executive Adam Stotsky was named president of the unit in 2021; Stotsky will be leaving the post as part of the sale process.

DCP was briefly known as MRC Live and Alternative before returning to the Dick Clark Productions moniker last year. The company’s bread and butter are awards events such as the Golden Globes and American Music Awards and the long-running Fox series “So You Think You Can Dance.”

The company was sold to Dalian Wanda Group in a deal in 2016 for $1 billion but was canceled by the Chinese government in 2017.

The company was founded in 1957 by its namesake, “American Bandstand,” the TV impresario behind numerous award shows and ABC’s enduring “Dick Clark’s Rockin’ New Year’s Eve” special. Dick Clark died in 2012 at the age of 82.

Guggenheim Partners bought Dick Clark Productions in 2012 for $370 million — a price that many thought was worth at the time. Most recently, the company moved from Guggenheim to Eldridge Industries.

In 2007, Dan Schneider’s RedZone Capital Management acquired DCP for approximately $175 million.

Leave a Reply

Your email address will not be published. Required fields are marked *