Among the potential buyers for Dick Clark Productions is “American Idol” host Ryan Seacrest, Reuters reports. The company’s namesake founder, who died two months ago, was Seacrest’s mentor, the story reports.
“Ryan Seacrest Media, Core Media Group and Colony Capital are among the potential bidders who have requested information from Raine Group, which was retained by Dick Clark Productions to run a possible sale,” the story reports.
The company could sell for more than $300 million, a source said.
The report adds: “Seacrest, 37, is building a media empire through his own production company. Aside from ‘Idol,’ he hosts a morning radio show, produces ‘Keeping Up with the Kardashians’ for the E! cable TV network and will contribute to NBC’s ‘Today’ show and summer Olympics coverage.”
The story also notes: “In January, Thomas H. Lee Partners and Bain Capital, which control Clear Channel Communications, announced a $300 million commitment to acquire and develop properties with Seacrest’s company. Clear Channel also took a minority stake in Seacrest’s company.”
A dispute betweek Dick Clark Productions and the Hollywood Foreign Press Association over the Golden Globe Awards ended in April when a judge ruled in favor of Dick Clark Productions, keeping the awards on NBC through 2018.
Dick Clark Productions also produces “Dick Clark’s New Year’s Rockin’ Eve,” along with the American Music Awards and other shows. Seacrest co-hosted “New Year’s Rockin’ Eve” with Clark in recent years.
“Clark, who founded the company in 1957, sold his majority stake to Mosaic Media Group in 2002. Dick Clark Productions is now owned by Red Zone Capital, the private equity firm of Washington Redskins owner Daniel Snyder,” the report notes.