In a vote by its membership, the Hollywood Foreign Press Association on Thursday the approval of Eldridge Industries LLC’s proposal to create a new private entity to manage its Golden Globes assets and preserve its charitable and philanthropic programs in a separate, non-profit entity.
The plan involves the creation of a new private company, which would acquire all rights for the Golden Globes intellectual property and be empowered to oversee the professionalization and modernization of the Golden Globe Awards.
The transition will include the development of staff and an executive team to lead the new organization. Additional Golden Globes voters will also be added to increase the size and diversity of the available voters for the annual awards.
The vote comes after the proposals for the changes were made in April by Todd Boehly, the Eldridge chairman and CEO who was named interim CEO of the HFPA last fall; he had ties to organization as Eldridge owns MRC and dick clark productions, the latter of which produces the Golden Globes.
His appointment was part of a series of moves by the HFPA as it continues promised reforms amid a backlash stemming from its lack of diversity and other issues.
Boehly was not part of the review, recommendation, or approval process.
“This is a historic moment for the HFPA and the Golden Globes,” said Helen Hoehne, President of the HFPA, in a statement today. “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.”
In recent months, the HFPA’s financial advisor, Houlihan Lokey, had been tasked by the HFPA with soliciting offers and considering alternative transactions; it yielded several submitted proposals from a number of companies and investment groups. Each proposal was reviewed and analyzed by the HFPA’s Special Committee, alongside its legal advisor, Morgan, Lewis & Bockius LLP.
The Special Committee was composed of the three outside independent members of the HFPA’s board: 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.”