NEW YORK (CelebrityAccess) – On Wednesday (January 25) Penske Media Eldridge (PME) announced its acquisition of Dick Clark Productions (dcp). PME is a subsidiary and joint venture between the Penske Media Corporation (PMC) and Eldridge. The acquisition of dcp expands PME’s entertainment brands including SXSW Festival, Life is Beautiful, and LA3C.
dcp is the producer of live award shows and other music entertainment programs such as the Golden Globe Awards, American Music Awards (AMA), Academy of Country Music Awards (ACM), Billboard Music Awards, Dick Clark’s New Year’s Rockin’ Eve, So You Think You Can Dance (19 Entertainment), and the Streamy Awards.
“I am thrilled to expand our partnership with Eldridge and Todd,” said CEO and Founder of Penske Media, Jay Penske. “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,” said Todd Boehly, Chairman and CEO of Eldridge. “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.”
Penske Media Eldridge will assume full control of dcp’s operations in the coming weeks. As part of the deal, Adam Stotsky will be stepping down as dcp President after a period of transition.
Penske Media Corporation (PMC)’s media brands include Variety, Rolling Stone, The Hollywood Reporter, Billboard, Robb Report, Deadline, Sportico, BGR, ARTnews, Fairchild Media, Vibe, IndieWire, Dirt, Artforum, Luminate, and others.
