Penske Media Eldridge Acquires Dick Clark Productions in Major Expansion

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

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

“I am delighted 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 seek to grow businesses that stand the test of time,” said Boehly, Eldridge’s president and chief executive officer. “Our decision to leverage our partnership with Penske Media, with whom we already have a deep partnership around media and publishing, serves that goal so that dcp can continue to flourish for many decades to come.”

Dick Clark products. it has recently been owned by Eldridge Industries. DCP has gone through a revolving door of owners and managers for the past decade.

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

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

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

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

Guggenheim Partners bought Dick Clark Productions in 2012 for $370 million, a price many thought at the time to be inflated. More recently, the company was spun off from Guggenheim to Eldridge Industries.

In 2007, DCP was acquired by Dan Snyder’s RedZone Capital Management for about $175 million.

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