(Reuters) - Private equity firm Guggenheim Partners together with media companies Mandalay Entertainment and Mosaic Media Investment Partners will buy Golden Globes telecast producer Dick Clark Productions for $370 million.
The parties to the deal, announced on Tuesday, declined to disclose terms, but a source directly familiar with the matter said the buyers would pay $370 million.
Guggenheim and Mandalay Entertainment, headed by Hollywood veteran Peter Guber, were also part of a group that agreed in March to purchase the Los Angeles Dodgers baseball team for a record $2 billion.
The sale of the production company follows the death in April of Clark, the perennial New Year's Eve master of ceremonies and "American Bandstand" host.
Clark sold his majority stake in the company in 2002 but continued to appear on the company's "New Years Rockin' Eve" show despite illness. Media personality and "American Idol" host Ryan Seacrest, who withdrew as a bidder in the past few weeks, has hosted the New Year's Eve show in recent years.
The independent production firm, set up by Clark in 1957, had been put up for sale by Red Zone Capital, the private equity firm of Washington Redskins owner Daniel Snyder.
Dick Clark Productions is also known for shows such as the "Academy of Country Music Awards," "So You Think You Can Dance" and the Miss Universe pageant.
Guber, chief executive of Mandalay Entertainment, was the largest shareholder of Dick Clark Productions before selling it to RedZone in 2007.
Guber said in a statement he was "energized by the opportunity" to build upon Dick Clark Productions' premier programming and events.
Guggenheim Partners had entered into exclusive negotiations with Dick Clark after rival bidder Seacrest and his private equity partners, Thomas H. Lee Partners and Bain Capital, withdrew from the bidding process, a source familiar with the sales process said.
Guggenheim Securities advised the consortium on the deal. The Raine Group acted as exclusive financial adviser to RedZone Capital Management.
(Reporting by Sue Zeidler in Los Angeles, Avik Das in Bangalore and Greg Roumeliotis in New York; Editing by Steve Orlofsky)
bcs game lsu vs alabama college football college football ncaa football brian van gorder blazing saddles
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.