HFPA Continues Charitable Commitments as Members Vote to Create New Private Entity for the Golden Globes® In Partnership with Eldridge
LOS ANGELES, July 28, 2022 /PRNewswire/ -- In a historic vote by its membership, the Hollywood Foreign Press Association (HFPA), announced the approval of Eldridge Industries LLC's (Eldridge) 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.
"This is a historic moment for the HFPA and the Golden Globes®," said Helen Hoehne, President of the HFPA. "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."
The proposal was offered by Eldridge Industries LLC ("Eldridge"), a global firm that makes investments in various industries including insurance, asset management, technology, sports, media, real estate, and the consumer sector. 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.
Eldridge was founded and is chaired by Todd L. Boehly, who is currently interim chief executive officer of the HFPA. Boehly was not part of the review, recommendation, or approval process.
In recent months, the HFPA's financial advisor, Houlihan Lokey, 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 HFPA embarked on this 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. It also sought to ensure viable pathways for future growth in order to generate financial stability for its significant charitable and philanthropic programs.
The Special Committee was composed exclusively 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."
The HFPA remains committed to continuing its process of change and transformation to address issues of diversity, governance, and conduct. The HFPA does not intend to comment further until it determines that additional disclosure is appropriate or necessary.
ABOUT THE 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 Los Angeles. During World War II, the non-profit organization established a cultural bridge between Tinseltown and millions around the world seeking an escape and inspiration through entertainment. The HFPA continues to do so today with a membership representing more than 55 countries.
Since 1944, the group has hosted the annual Golden Globe® Awards – the premier ceremony which honors achievements in both television and film. The licensing fees from the Golden Globe® Awards has enabled the organization to donate more than $50 million to more than 70 entertainment-related charities, film restoration, scholarship programs and humanitarian efforts over the last three decades. Its efforts include support for diversity programs in partnership with advocacy groups promoting greater access in Hollywood aimed at underserved communities. For more information, please visit www.GoldenGlobes.com and follow us on Twitter (@GoldenGlobes), Instagram (@GoldenGlobes), and Facebook (www.facebook.com/GoldenGlobes).
