An investor group that has been in talks to acquire Dick Clark Productions made the announcement today that the parties have reached a definitive agreement, according to The Hollywood Reporter.
The group is led by Guggenheim Partners, which we reported last week to be in exclusive negotiations for the purchase. Also a part of the group are Mandalay Entertainment and Mosaic Media Investment Partners. The group is acquiring DCP from RedZone Capital Management.
The deal still needs regulatory approval, but is expected to go through without much trouble.
“Guggenheim, a diversified financial services company based in Chicago and New York, is the primary financier behind the $2.15 billion purchase of the Los Angeles Dodgers that was announced this year,” THR notes. “The company manages more than $160 billion in assets and is a co-owner of Prometheus Global Media, owner of The Hollywood Reporter.”
Terms of the agreement were not disclosed, but sources cited in the report indicated that the price would be about 10% higher than the $350 million that DCP was hoping to obtain, or about $385 million.
The report notes: “Independent TV producer Dick Clark has a content portfolio that includes the Golden Globe Awards, the American Music Awards, ‘New Year’s Rockin’ Eve’ and ‘So You Think You Can Dance.’”
The group described itself as consisting of "experienced, long-term investors with a deep understanding of the media and entertainment industry and a history of collaboration with each other."
Peter Guber is chairman and CEO of Mandalay Entertainment, while Allen Shapiro is managing partner of Mosaic Media Investment Partners.