An investor group including Guggenheim Partners, Mandalay Entertainment and Mosaic Media Investment Partners made things official on Tuesday, saying it has reached a definitive agreement to acquire Dick Clark Productions from RedZone Capital Management. The deal was first reported exclusively by The Hollywood Reporter last week.
Guggenheim, a diversified financial services company based in Chicago and New York, is the primary financier behind the $2.15 billion purchase of the Los Angeles Dodgers that was announced earlier this year. The company manages more than $160 billion in assets and is a co-owner of Prometheus Global Media, owner of The Hollywood Reporter.
Financial terms of the deal were not disclosed.
Independent TV producer Dick Clark has a content portfolio that includes the Golden Globe Awards, the American Music Awards, New Year's Rockin' Eve and So You Think You Can Dance.
The consortium emphasized in a statement that it is made up of "experienced, long-term investors with a deep understanding of the media and entertainment industry and a history of collaboration with each other."
Peter Guber, chairman and CEO of Mandalay Entertainment, said the group would "use our resources to build upon dcp's delivery of premier programming and events that address the surging demand for high-quality, branded event entertainment."
And Allen Shapiro, managing partner of Mosaic Media Investment Partners, added: "In this evolving world of content and distribution, dcp's 'tent-pole programming' of well-known television events is increasingly sought after."
The deal needs some regulatory approvals and is expected to be completed "expeditiously," the investor group said.