MRC leaders Modi Wiczyk and Asif Satchu and Todd Boehly’s holding company Eldridge have reached an agreement to split their joint assets into separate business entities.
Wiczyk and Satchu will retain the MRC production entity, home to TV series such as Netflix’s “Ozark” and Hulu’s “The Great,” as well as MRC’s investments in content stores Civic Center Media and T-Street.
Eldridge will retain Dick Clark Productions and its investments in independent studio A24, James Corden and Ben Winston’s Fulwell 73, Michael Sugar’s Sugar 23 and audience data company Luminate. Eldridge also holds its minority stake in the joint venture PMRC created in 2020 which is the parent company of VarietyRolling Stone, Billboard, Vibe, The Hollywood Reporter, Music Business Worldwide, the annual Life is Beautiful music festival and an investment in the SXSW festival franchise that will expand beyond its Austin, Texas roots with a edition in Sydney, Australia.
Eldridge will also retain a minority stake in MRC. In a statement, Boehly and the MRC partners called the transaction the next step in what has been a successful investment partnership. Last year, MRC’s Dick Clark Productions changed its name to MRC Live & Alternative last year and tapped industry veteran Adam Stotsky to take the reins as president. With the separation, Eldridge will restore the Dick Clark Productions moniker to the unit that produces the Golden Globe Awards, Country Music Awards, American Music Awards and other TV specials and events.
“When we combined forces in 2018, we set ourselves an ambitious and ambitious set of goals. We are immensely proud of the success of our team,” Wiczyk and Satchu said. “Live & Alternative Group changed the model award shows, bringing them into the streaming era. Our film, television and non-fiction studio businesses all saw their slates quadruple. And our minority stakes have experienced good periods of growth.
The changes for MRC and Eldridge come as changes are underway for the Hollywood Foreign Press Association, which has long worked with Dick Clark Productions on telecasting the Globes. The HFPA and the Globes have been in turmoil for more than 18 months, with revelations about the HFPA’s membership and governance practices causing NBC to cancel its plans for the 2022 Globes television broadcast. HFPA and NBC are in the midst of negotiations to restore live streaming of the 2023 awards. The HFPA is also undergoing a major expansion and plan to transform from a not-for-profit to a for-profit entity, while retaining its Globes franchise.
Boehly, who is co-founder, chairman and CEO of Eldridge, said the agreement between MRC and Eldridge “marks an important milestone for Eldridge and MRC, representing our commitment to building successful brands in the industry”.