Eldridge Industries is consolidating three of its high-profile entertainment properties into a new company, Valence Media, the company announced on Feb. 2.
Eldridge Industries, a Connecticut-based private investment firm led by Todd Boehly with offices in Beverly Hills, will merge Hollywood Reporter and Billboard industry trade publications; Dick Clark Productions, producer of the Golden Globe Awards, and New Year’s Rockin’ Eve, and Media Rights Capital (MRC) an independent movie and TV production company.
Each property was previously owned separately by Eldridge. Under the new arrangement, Valence also will own Eldridge’s minority stake in A24. The studio produced last year’s Oscar Best Picture winner “Moonlight”, as well as this year’s Best Picture nominee “Lady Bird.”
Valence Media will be led by Asif Satchu and Modi Wiczyk, co-founders and co-chief executives of MRC. Boehly will serve as chairman.
Terms of the transaction were not disclosed.
Satchu and Wiczyk said in a statement, “Our firm belief is that short- and long-term growth depends on maximizing the expertise, relationships and creativity that these three combined, best-in-class businesses uniquely offer.”
The consolidation of the companies comes less than a year after the failure of Eldridge’s $1 billon deal to sell Dick Clark Productions to Chinese conglomerate Dalian Wanda Group.
Media and entertainment reporter Diane Haithman can be reached at email@example.com. Follow her on Twitter @dhaithman.
For reprint and licensing requests for this article, CLICK HERE.