After several rounds of bidding, Guggenheim Partners together with Peter Guber’s Mandalay Entertainment and Allen Shapiro’s Mosaic Media Investment Partners today announced an agreement to purchase Dick Clark Prods. from RedZone Capital Management. The terms of the transaction were not disclosed, though the number floated out by insiders is in the ballpark of $370 million. Guber was the largest shareholder of dcp before selling it to RedZone in 2008 for $175 million. He recently partnered with Guggenheim in the $2 billion purchase of the Los Angeles Dodgers.
Guggenheim, Mandalay and Mosaic Media, which outbid a slew of suitors, including CBS, CORE Media and Ryan Seacrest, plan to “continue dcp’s tradition of providing its network partners with devoted and growing audiences across dcp’s premier programming,” the group said. Founded by the later Dick Clark, dcp produces such programs as the Golden Globes, the American Music Awards, the Academy Of Country Music Awards, New Year’s Rockin’ Eve and So You Think You Can Dance. Here are statements from the new owners as well as dcp CEO Mark Shapiro:
Todd Boehly, President of Guggenheim Partners, said, “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, said, “We are energized by the opportunity to use our resources and experience to build upon DCP’s delivery of premier programming and events that address the surging demand for high-quality, branded entertainment.”
Allen Shapiro, Managing Partner of Mosaic Media Investment Partners, said, “In this evolving world of content and distribution, dcp’s ‘tent-pole programming’ of well-known television events is increasingly sought after. 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.”
”We’re thrilled about the transaction with Guggenheim Partners,” Mark Shapiro, CEO, Dick Clark Productions, said. “The storied assets and the creative team of Dick Clark Productions are a perfect fit with Guggenheim’s dynamic leadership in the entertainment space and their powerful breadth of unique and diversified content, which is rapidly expanding. Dick Clark and his legacy will surely be in good hands.”