Penske Media Eldridge — a Penske Media Corporation (PMC) subsidiary and joint venture between PMC and Eldrige — has acquired Dick Clark Productions (dcp), it was announced Wednesday (Jan. 25). PMC is the parent company of Billboard.
The acquisition of the live events and alternative media producer was made as part of a broader strategic alliance between PMC and Eldridge, expanding the latter’s existing partnership with PMC’s entertainment media brands and SXSW, including the SXSW festival, Life is Beautiful, ATX TV festival and LA3C.
Founded in 1957, dcp owns and produces a number of TV’s most enduring awards shows, including the Golden Globe Awards, the American Music Awards, the Academy of Country Music Awards and the Billboard Music Awards. It also produces shows including Dick Clark’s New Year’s Rockin’ Eve and So You Think You Can Dance (in partnership with 19 Entertainment).
Penske Media Eldridge will assume full control of dcp’s operations in the coming weeks. As part of the deal, Adam Stotsky will step down as dcp president following a transition period.
“I am thrilled 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,” added Eldridge chairman and CEO Todd Boehly. “Our decision to build upon our partnership with Penske Media, with whom we already have a deep alliance around media and publishing, is in service to that goal – so dcp may continue to flourish for many decades to come.”
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