Golden Globes will be a for-profit company owned by its current CEO

The Hollywood Foreign Press Association said it “remains committed” to addressing its diversity, governance and behavior issues.

The Hollywood Foreign Press Association has announced that it will become a private, for-profit corporation, with its charitable and philanthropic programs administered in a separate non-profit entity.

For-profit HFPA is overseen by Eldridge Industries, a global firm with investments in insurance, wealth management, technology, sports, media, real estate and the consumer sectors. Its founder and chairman is Todd L. Boehly, who currently serves as interim CEO of the HFPA. HFPA members voted on the proposal to approve the deal.

Eldridge will oversee the formation of a new private company that will acquire all of the Golden Globes’ intellectual property rights and “have the authority to oversee the professionalization and modernization of the Golden Globe Awards.” A press release announcing the move said, “Boehly was not part of the review, recommendation, or approval process.”

The publication pledged that the transition will include the development of staff and an executive team, with the addition of additional Golden Globes voters to “increase the size and diversity of voters available for the annual awards.”

“This is a historic moment for the HFPA and the Golden Globes,” said HFPA President Helen Hoehne. “We have taken a critical step forward in changing and adapting to this increasingly competitive economic landscape for both the awards and journalism market. Our select committee and team of legal and financial advisors have done an incredible amount of work to review, analyze and compare the options presented to us. We are pleased to move forward with a mandate to ensure we continue our support for increasing diversity in all areas and continue our life-changing charitable and philanthropic efforts.”

According to the HFPA, financial adviser Houlihan Lokey “presented a number of submitted proposals from a number of companies and investment groups,” which “were reviewed and analyzed by the HFPA’s Special Committee, along with its legal counsel, Morgan, Lewis & Bockius.” The three-member committee consists of HFPA board members Sharlette Hambrick, Jeff Harris and Dr. Joanna Massey.

“This review process was comprehensive, deliberate, and thoughtful to ensure fairness and accuracy,” added Hoehne. “According to our statutes, the ultimate decision rested with our members, who voted on the proposal. As we look forward to celebrating our 80th anniversary in January 2023, we are incredibly excited for this new era for our association.”

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Lindsay Lowe

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