The Hollywood Foreign Press Association is putting itself on the auction block, courting buyers for the embattled organization that hands out the annual Golden Globe Awards.
The HFPA’s interim CEO, Todd Boehly, has been angling to buy the organization and is in the process of negotiating with the HFPA board. As a result of Boehly’s bid from his Eldridge Industries banner, the organization opted to begin a process to determine what other interest may be out there.
The HFPA on Friday announced that it has formed a special committee within the nonprofit organziation “to determine potential outside strategic interest in its organization and assets.”
Boehly’s interest in HFPA comes in no small part because Eldridge Industries is also invested in the Golden Globe Awards through its ownership of MRC Live and Alternative (formerly Dick Clark Productions), which has had a long and occasionally fraught business partnership with the West Hollywood-based press association.
“As we announced last year, the HFPA began a process of change and transformation addressing issues of diversity, governance and conduct. As we continue that process, we have moved into the phase of determining the best course of action regarding the accomplishment of the HFPA’s mission, including how to achieve the optimal financial and commercial growth for the Golden Globe brand in the future,” said Helen Hoehne, president of the HFPA. “The board of directors has appointed an independent committee to work with our financial and legal advisors to review proposals from any interested parties in such phase.”
The HFPA’s statement cited its negotiations with Boehly and said that at least one other potential bidder has approached, which prompted them to begin a formal process. The special committee is working with the HFPA’s three outside independent directors — Sharlette Hambrick, Jeff Harris and Joanna Massey — and other “financial and legal” advisors that were not named.
“The decision to create a special independent committee, which will work collaboratively with financial and legal advisors follows our previously stated commitment to adhere to good governance practices and transparency in our actions,” Hoehne said. The HFPA sought to reinforce that a deal with Boehly is not a fait accompli, despite his proximity to the organization.
“The HFPA is committed to a thorough and swift review of its potential strategic alternatives to identify a path forward that is in its best interests. At this time, the Special Committee has not reached any conclusion, and there can be no assurance the review will result in any transaction or other strategic change or outcome,” the HFPA stated.
More to come