Image: Andrew Walker, Dick Clark Productions/Getty Images
Though specifics of the financial terms of the sale have not been disclosed, it has been announced that Dick Clark Productions, which produces television programming including the Golden Globe Awards, has been sold to Guggenheim Partners, Mandalay Entertainment & Mosaic Media Investment Partners.
Along with the Golden Globe Awards, Dick Clark Productions produces “New Year’s Rockin’ Eve”. In 1987 Dick Clark Productions went public and grew into a large business with numerous programs and thousands of employees. In 2004, Dick Clark suffered a stroke and his role in the company was significantly reduced. In 2007, private equity firm RedZone Capital Management, owned by Washington Redskins owner Dan Snyder, purchased the company for $175 million.
Now, Guggenheim Partners, Mandalay Entertainment and Mosaic Media Investment Partners have purchased the company for an undisclosed amount.
Mosaic Media Managing Partner Allen Shapiro said, “We are committed to providing Dick Clark Productions with the resources to continue growing its business ina way that creates value for sponsors, networks and audiences, and we look forward to energizing fans in new and innovative ways.”
In April 2012, Clark died of a heart attack. He was 82 years old.