“As we announced last year, the HFPA has begun a process of change and transformation by addressing issues of diversity, governance and conduct. As we continue this process, we have entered in the phase of determining the best course of action regarding the achievement of the HFPA’s mission, including how to achieve optimal financial and business growth for the Golden Globe brand in the future,” said Helene Hohne, president of the HFPA. “The board has appointed an independent committee to work with our financial and legal advisors to review proposals from any interested parties in this phase.”
The HFPA has undertaken a review of potential strategic alternatives in response to significantly changed market conditions for journalism and recent inquiries about potential partnership opportunities to leverage its attractive assets in a post-pandemic environment. Its special committee will review potential strategic options with the goal of optimizing the value of the HFPA’s various assets and continuing to improve the organization’s market position while strengthening its relationships with various stakeholders.
As part of this review, the HFPA negotiated a term sheet with Eldridge Industries LLC (“Eldridge”), a global company that invests in a variety of industries, including insurance, asset management, technology, sports , media, real estate and consumption. sector. Eldridge was founded and is chaired by Todd L. Boehly, who is currently acting chief executive of the HFPA. The term sheet allows the HFPA to solicit other offers and consider alternative transactions. At least one other entity has already expressed interest in making a proposal.
The special committee is composed exclusively of the three independent external members of the board: Sharlette Hambrick, Jeff Harris and dr. Joanna Massy. This special committee will examine various strategic alternatives and consider any proposals from interested parties with the assistance of Houlihan Lokey, Inc. and its legal advisors. Boehly will not participate in the process of reviewing, recommending or approving these proposals.
“The decision to create an independent special committee, which will work in conjunction with financial and legal advisors, follows our previously stated commitment to adhere to good governance practices and transparency of our actions,” added Hoehne.
The HFPA is committed to conducting a thorough and timely review of its potential strategic alternatives to identify a path forward that is in its best interest. At this time, the Special Committee has reached no conclusion and there can be no assurance that the review will result in a transaction or other strategic change or outcome.
The HFPA remains committed to continuing its change and transformation process to address diversity, governance and conduct issues, whether or not there is a transaction or other strategic change or outcome. The HFPA does not intend to comment further until it determines that further disclosure is appropriate or necessary.
ABOUT HOLLYWOOD FOREIGN PRESS ASSOCIATION:
The Hollywood Foreign Press Association (HFPA) was founded in 1943, then known as the Hollywood Foreign Correspondents Association by a group of entertainment journalists based in Angels. During World War II, the nonprofit established a cultural bridge between Tinseltown and millions of people around the world seeking escape and inspiration through entertainment. The HFPA continues to do so today with members representing over 55 countries.
Since 1944, the group has organized the annual Golden Globe Awards, the first ceremony that recognizes achievements in television and film. Licensing fees from the Golden Globe Awards enabled the organization to donate more than $50 million to more than 70 charities related to entertainment, film restoration, scholarship programs and humanitarian efforts over the past three decades. Its efforts include supporting diversity programs in partnership with advocacy groups promoting greater access to Hollywood for underserved communities. For more information, please visit www.GoldenGlobes.com and follow us on Twitter (@Golden globes), Instagram (@Golden globes) and Facebook (www.facebook.com/GoldenGlobes).
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