The Hollywood Foreign Press Association has announced it will become a private, for-profit company, with its charitable and philanthropic programs managed in a separate non-profit entity.
Overseeing the for-profit HFPA is Eldridge Industries, a global firm with investments in insurance, asset management, technology, sports, media, real estate, and the consumer sector. Its founder and chairman is Todd L. Boehly, who currently serves as the HFPA’s interim chief executive officer. The HFPA membership voted on the proposal to approve the deal.
Eldridge will oversee the creation of a new private company that will acquire all Golden Globes intellectual property rights and will “be empowered to oversee the professionalization and modernization of the Golden Globe Awards.” A release announcing the move noted that “Boehly was not part of the review, recommendation, or approval process.”
The release promised that the transition will include the development of staff and an executive team, with additional Golden Globes voters added to “increase the size and diversity of the available voters for the annual awards.”
“This is a historic moment for the HFPA and the Golden Globes,” said HFPA president Helen Hoehne. “We have taken a decisive step forward to transform ourselves and adapt to this increasingly competitive economic landscape for both award shows and the journalism marketplace. Our Special Committee and team of legal and financial advisors did an incredible amount of work in reviewing, analyzing, and comparing the options presented to us. We are excited to move forward with a mandate to ensure we continue our support for increasing diversity in all areas and maintaining our life-changing charitable and philanthropic efforts.”
According to the HFPA, financial advisor Houlihan Lokey “yielded several submitted proposals from a number of companies and investment groups” that was “reviewed and analyzed by the HFPA’s Special Committee, alongside its legal advisor, Morgan, Lewis & Bockius.” The three-member committee are HFPA board members Sharlette Hambrick, Jeff Harris, and Dr. Joanna Massey.
“This review process was comprehensive, deliberate and thoughtful to ensure fairness and accuracy,” Hoehne added. “Per our bylaws, the decision ultimately rested with our membership, who voted on the proposal. As we look forward to celebrating our 80th anniversary event in January 2023, we are incredibly excited about this new era for our Association.”