HFPA To Put Tainted Assets On Auction Block With Potential Strategic Alternatives Review; To Get Golden Globes Back On NBC, Group May Drop Non-Profit Status
Eldridge Industries boss Todd Boehly may own the Premier League’s Chelsea now, but the Golden Globes continues to elude the HFPA interim CEO, for now.
A month after Boehly put forth a proposal to buy up the currently network shuttered award show, jack up the scandal soaked Hollywood Foreign Press Association’s membership, and shut down its non-profit status, the Helen Hoehne-led group is now opening the door on “how to achieve the optimal financial and commercial growth for the Golden Globe® brand in the future” and “to review proposals from any interested parties.” – read the full HFPA statement below.
A shiv laced plan that leaves billionaire and dick clark production proprietor Boehly out in the cold figuratively in terms of “the review, recommendation or approval process with respect to these proposals” thanks to the creation of an independent board member “Special Committee.” In that context and with Boehly’s bid of April 14, the HFPA signed a term-sheet with Eldridge that “allows for the HFPA to solicit other offers and consider alternative transactions.”
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“At least one other entity has already indicated interest in making a proposal,” the illusive HFPA added with no more details on who that entity may actually be.
Amidst a surge of outrage from flacks and outlets, NBC pulled the plug in May 2021 on the 2022 Globes as a harsh spotlight on the HFPA’s lack of any Black members and legacy of grifting, among other shortcomings in the secretive group. Still, as the months passed, a number of streamers and others were quick to forget earlier this year that they were boycotting the Golden Globes and promote wins by their shows and talent after the non-televised show this January handed out its baubles.
With the future of the boozy ceremony still in doubt despite reform efforts by the HFPA over the past year, NBC are distinctly not the other entity in play, I hear. In fact, the network seems to have less than zero interest in getting involved in HFPA internal politics. Under a deal now on hold, the Comcast-owned NBC was paying about $60 million a year for the right to air the often star studded Globes
On the other hand, there is some belief that today’s move is a case of shadow boxing by the HFPA and Boehly. “They want to make it look like they made an effort, but this is a ruse and it will all end up with Todd, I bet,” a top tier agency source told Deadline this afternoon.
In the meantime, read the full HFPA announcement from this afternoon here:
Continuing its ongoing transformation process, the Hollywood Foreign Press Association (“HFPA”) announced the beginning of a formal review to determine potential outside strategic interest in its organization and assets. Potential proposals are to be reviewed by a Special Committee composed entirely of independent members of the Board of Directors, with the assistance of financial and legal advisors.
As we announced last year, the HFPA began a process of change and transformation addressing issues of diversity, governance and conduct. As we continue that process, we have moved into the phase of determining the best course of action regarding the accomplishment of the HFPA’s mission, including how to achieve the optimal financial and commercial growth for the Golden Globe® brand in the future,” said Helen Hoehne, President of the HFPA. “The board of directors has appointed an independent committee to work with our financial and legal advisors to review proposals from any interested parties in such phase.
The HFPA has embarked on a review of potential strategic alternatives in response to significantly changed market conditions for journalism and recent inquiries about potential partnership opportunities to leverage its attractive assets in a post-pandemic environment. Its Special Committee will review potential strategic options with the goal of optimizing the value of the HFPA’s various assets and continue to enhance the organization’s position in the marketplace while strengthening its relationships with various stakeholders.
As part of this review, the HFPA has negotiated a term sheet with Eldridge Industries LLC (“Eldridge”), a global firm that makes investments in various industries including insurance, asset management, technology, sports, media, real estate, and the consumer sector. Eldridge was founded and is chaired by Todd L. Boehly, who is currently interim chief executive officer of the HFPA. The term sheet allows for the HFPA to solicit other offers and consider alternative transactions. At least one other entity has already indicated interest in making a proposal.
The Special Committee is comprised exclusively of the three outside independent members of the board: Sharlette Hambrick, Jeff Harris and Dr. Joanna Massey. This Special Committee will consider various strategic alternatives and review any proposals from interested parties with the assistance of Houlihan Lokey, Inc. and its legal advisors. Boehly will not be part of the review, recommendation or approval process with respect to these proposals.
The decision to create a special independent committee, which will work collaboratively with financial and legal advisors follows our previously stated commitment to adhere to good governance practices and transparency in our actions,” Hoehne added.
The HFPA is committed to a thorough and swift review of its potential strategic alternatives to identify a path forward that is in its best interests. At this time, the Special Committee has not reached any conclusion, and there can be no assurance the review will result in any transaction or other strategic change or outcome.
The HFPA remains committed to continuing its process of change and transformation to address issues of diversity, governance, and conduct, regardless of whether there is a transaction or other strategic change or outcome. The HFPA does not intend to comment further until it determines that additional disclosure is appropriate or necessary.
DISCLOSURE: Deadline’s parent company PMC has a partnership with the Boehly chaired MRC in PMRC, a group that owns Billboard, Vibe and the Hollywood Reporter.
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