In a vote of its members, the Hollywood Foreign Press Association on Thursday approved Eldridge Industries LLC’s proposal to create a new private entity to manage its Golden Globes assets and preserve its charitable and philanthropic programs in a separate non-profit entity. lucrative.
The plan involves the creation of a new private company, which would acquire all intellectual property rights to the Golden Globes and be empowered to oversee the professionalization and modernization of the Golden Globes.
The transition will include staff development and a leadership team to lead the new organization. Additional Golden Globes voters will also be added to increase the size and diversity of voters available for the annual awards.
The vote comes after proposed changes were made in April by Todd Boehly, the chairman and CEO of Eldridge who was named the HFPA’s interim CEO last fall; he had ties to the organization as Eldridge owns MRC and Dick Clark Productions, the latter producing the Golden Globes.
His appointment was part of a series of steps taken by the HFPA as it pursues promised reforms amid a backlash stemming from its lack of diversity and other issues.
Boehly was not part of the review, recommendation or approval process.
“This is a historic moment for the HFPA and the Golden Globes,” HFPA President Helen Hoehne said in a statement today. “We have taken a decisive step to transform ourselves and adapt to this increasingly competitive economic landscape, both for awards and for the journalism market. Our special committee and our team of legal and financial advisors did an incredible job of reviewing, analyzing and comparing the options presented to us. We are excited to move forward with a mandate to ensure we continue to support increased diversity in all areas and maintain our life-changing charitable and philanthropic efforts.
In recent months, HFPA financial advisor Houlihan Lokey had been instructed by the HFPA to solicit bids and consider alternative transactions; it resulted in several proposals submitted by a number of companies and investment groups. Each proposal was reviewed and analyzed by the HFPA’s Special Committee, alongside its legal counsel, Morgan, Lewis & Bockius LLP.
The Special Committee was comprised of the three outside independent members of the HFPA Board of Directors: Sharlette Hambrick, Jeff Harris and Dr. Joanna Massey.
“This review process was comprehensive, deliberate and thoughtful to ensure fairness and accuracy,” Hoehne added. “In accordance with our statutes, the decision ultimately belonged to our members, who voted on the proposal. As we look forward to celebrating our 80th anniversary in January 2023, we are incredibly excited about this new era for our association.