Dick Clark Productions exploring possible sale
Published: Thursday, June 14, 2012
Updated: Thursday, June 14, 2012 09:06
LOS ANGELES - Dick Clark Productions is on the block.
The production company behind the Golden Globe Awards, "So You Think You Can Dance," the American Music Awards and "New Year's Rockin' Eve With Ryan Seacrest" has tapped the Raine Group, a boutique investment bank that is backed by Hollywood talent agency William Morris Endeavor, to shop the company to potential suitors.
Dick Clark Productions Chief Executive Mark Shapiro said the company hired Raine to "help us think through our options and to organize any conversations with any interested parties." He added that "no decision has been made to enter into a transaction of any kind and it's not clear whether any transaction will happen at all."
The move to retain Raine comes slightly more than a month after Dick Clark Productions won a nasty legal fight with the Hollywood Foreign Press Associationover who controlled television rights to the Golden Globes, the company's biggest franchises.
Dick Clark Productions is owned by Red Zone Capital Management Co., a private equity company controlled by Washington Redskins owner Dan Snyder. Red Zone acquired the company in 2007 from Mandalay Mosaic Television Group for $175 million.
Shapiro, who is also on the board of directors of Los Angeles Times parent Tribune Co., said Dick Clark Productions has "regularly received inbound interest over the last few years" from would-be buyers.
Dick Clark Productions was founded by pioneering radio and TV personality Dick Clark who died earlier this year.