Members of the Hollywood Foreign Press Association, an organization that has been embroiled in controversy for the past year and a half over its lack of ethics, voted against the proposal by Eldridge Industries LLC, an investment firm founded and managed by Todd. L. Boehly, who is the interim executive director of the HFPA, to create a new private entity that will manage the Golden Globes’ assets and maintain the philanthropic and philanthropic programs in a separate non-profit organization.
The new initiative will result in employee and executive team development, the HFPA said in a statement released Thursday. Additional Golden Globe voters will also be added to increase the size and diversity of voters available for the annual awards. (The announcement did not say whether new voters would receive full membership status and privileges.)
The HFPA states that Boehly was not part of the review, recommendation or approval process.
“This is a historic moment for the HFPA and the Golden Globes,” HFPA President Helen Hoehn said in a statement. “We took a decisive step to transform and adapt to this increasingly competitive economic scenario, both for award ceremonies and for the journalistic market. Our dedicated committee and team of legal and financial advisors did an amazing job reviewing, analyzing and comparing the options presented to us. We are excited to move forward with our mandate to ensure that we continue to support greater diversity in all areas and sustain our life-changing philanthropic and philanthropic efforts.”
A source familiar with the agreement said it includes a salary of $75,000 for each HFPA member for five years. The HFPA declined to respond. THRBut he made several other claims in his statement, which are cited directly below:
The plan involves the creation of a new private company that will acquire all of the Golden Globes’ intellectual property rights and will have the right to oversee the professionalization and modernization of the Golden Globes.
In recent months, the HFPA’s financial advisor, Houlihan Lokey, has submitted several proposals from various companies and investment groups. Each proposal was reviewed and reviewed by a special committee of the HFPA, along with its legal counsel, Morgan, Lewis & Bockius LLP.
The HFPA initiated this review of potential strategic alternatives in response to significantly changed market conditions for journalism and recent inquiries into potential partnership opportunities to leverage its compelling assets in a post-pandemic environment. It also sought to provide viable avenues for future growth in order to create financial stability for its important philanthropic and philanthropic programs.
The Special Committee consisted exclusively of three independent external members of the HFPA Board: Charlotte Hambrick, Jeff Harris, and Dr. Joanna Massey.
“This review process was comprehensive, specific and careful to ensure fairness and accuracy,” added Hohne. “According to our statute, the decision ended up being up to our members, who voted on the proposal. As we look forward to celebrating our 80th anniversary in January 2023, we are incredibly excited about this new era for our membership. “
The HFPA remains committed to continuing the process of change and transformation to address diversity, governance and conduct issues. The HFPA does not intend to comment further until it determines that further disclosure is appropriate or necessary.
the hollywood reporterOnce owned by Eldridge, it is now owned by Penske Media Corporation, which operates a joint venture with MRC.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
