Guggenheim Partners together with Mandalay Entertainment and Mosaic Media Investment Partners have landed a definitive agreement to purchase Dick Clark Productions from RedZone Capital Management. The terms of the transaction were not disclosed. Dick Clark Productions' television programming includes the Golden Globe Awards, the American Music Awards, the Academy of Country Music Awards, New Year's Rockin' Eve and So You Think You Can Dance, and the investor group plans to continue the company's tradition of providing its network partners with devoted and growing audiences across all premier programming. The transaction is of course subject to customary closing conditions and regulatory approvals, but it is expected to be completed quickly.
Todd Boehly, President of Guggenheim Partners, commented, "We look forward to continuing dcp's production of branded entertainment that has become a part of the American lexicon. We plan to work closely with the Hollywood Foreign Press Association, the Academy of Country Music and all of the network partners and sponsors to ensure dcp's long-term growth and success."
Peter Guber, Chairman and CEO of Mandalay Entertainment, added, "This is an exciting opportunity to use our resources to build upon dcp's delivery of premiere programming and events that address the surging demand for high-quality, branded event entertainment."
"In this evolving world of content and distribution, dcp's 'tent-pole programming' of well-known television events is increasingly sought after," said Allen Shapiro, Managing Partner of Mosaic Media Investment Partners. "We are committed to providing dcp with the resources to continue growing its business in a way that creates value for sponsors, networks and audiences, and we look forward to energizing fans in new and innovative ways."