Eldridge Industries is taking up the Golden Globe Awards, which can be remodeled into a non-public entity separate from the charitable and philanthropic packages of the Hollywood International Press Affiliation, which can be run as a not-for-profit entity.
HFPA members voted to approve the switch of possession to Eldridge, which is led by Todd Boehly, who has served because the group’s interim CEO since final 12 months. The HFPA went up for public sale in Might, and Boehly had been seeking to purchase the group ever since. This spring, the group fashioned a particular committee throughout the nonprofit to find out potential exterior strategic curiosity in its group and belongings.
“This can be a historic second for the HFPA and the Golden Globes,” mentioned HFPA President Helen Hoehne. “We’ve taken a decisive step to remodel ourselves and adapt to this more and more aggressive financial panorama, each for awards and for the journalism market. Our particular committee and our staff of authorized and monetary advisors did an unbelievable job of reviewing, analyzing and evaluating the choices introduced to us. We’re excited to maneuver ahead with a mandate to make sure we proceed to help elevated variety in all areas and preserve our life-changing charitable and philanthropic efforts.
In keeping with the HFPA, Eldridge will create a brand new non-public firm, which is able to purchase all mental property rights to the Golden Globes “and can be empowered to supervise the professionalization and modernization of the Golden Globes.” The transition will embody employees growth and a management staff to steer the brand new group.
As a part of the transition, the group will add further voters to the Golden Globes “to extend the scale and variety of voters out there for the annual awards,” the group mentioned. Nevertheless it additionally calls into query what a for-profit entity will appear like and whether or not it can elevate additional issues in regards to the organisation’s already typically criticized conduct. There’s additionally the query of whether or not Boehly now owns each the Globes and, through Eldridge, MRC Reside and Different – the corporate previously generally known as Dick Clark Prods., which produces the Globes. (Boehly additionally reportedly goals to accumulate MRC Reside and Different, in line with Puck. Such a transfer may nonetheless elevate battle of curiosity points.) past what was introduced as we speak.
Additionally in line with the HFPA, “Boehly was not a part of the overview, suggestion or approval course of. In latest months, HFPA monetary advisor Houlihan Lokey has produced a number of proposals submitted by quite a few corporations and funding teams.Every proposal was reviewed and analyzed by the HFPA’s Particular Committee, together with its authorized counsel, Morgan, Lewis & Bockius LLP.
The Particular Committee was comprised of the three exterior unbiased members of the HFPA Board of Administrators: Sharlette Hambrick, Jeff Harris and Dr. Joanna Massey.
“This overview course of was complete, deliberate and considerate to make sure equity and accuracy,” Hoehne mentioned. “In accordance with our statutes, the choice in the end belonged to our members, who voted on the proposal. As we stay up for celebrating our eightieth anniversary occasion in January 2023, we’re extremely enthusiastic about this new period for our affiliation.
The HFPA’s choice comes after greater than a 12 months of turmoil for the practically 80-year-old information group that has thrived for the previous 25 years on profitable charges from NBCUniversal and different Golden Globe Awards companions. .
There’s nonetheless no affirmation on whether or not the Globes will return to NBC in 2023, however the brand new possession construction is probably going a step in the direction of that doubtlessly occurring. As Selection reported in June, the HFPA had met with the networks’ main studios within the spring and early summer time to record the adjustments the group had revamped the previous 12 months and a half. The HFPA touted the addition of 21 new members (practically half of whom had been ladies, and most of whom had been individuals of colour), in addition to DEI coaching, a brand new variety director, new advisors and consultants freelancers, an NAACP partnership, new insurance policies on items, journey and battle of curiosity and different rules, amongst different reforms.
The HFPA has been in reform mode because the spring of 2021, when the Los Angeles Occasions detailed new allegations of questionable monetary practices throughout the small island group, in addition to a paltry report of variety and illustration (together with an entire lack of black members). The group responded by releasing a reform framework that included measures to extend the variety of individuals of colour in its ranks. The group had already instituted new restrictions on items members may obtain and funds for work on their committees.
However, these accusations of questionable practices and the shortage of member variety led NBC to announce that it could not be broadcasting the Golden Globes in 2022.
In Might 2021, the HFPA introduced a timeline that may overhaul the group by creating “5 pillars of change: Accountability, Membership, Inclusion, Good Governance/Ethics, and Transparency.”
In January, with out NBC as a broadcast accomplice, the HFPA moved ahead with the 2022 Golden Globes — in a non-public ceremony on the Beverly Hilton, with no nominees. The 2022 ceremony as an alternative centered on Golden Globes companions and philanthropic efforts.
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