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The Hollywood Foreign Press Association (HFPA) has sold the Golden Globes to private investors, spelling the end of the embattled non-profit after 80 years of handing out the entertainment awards.
- The Golden Globes will become a commercial enterprise under the new owners
- The transaction will result in the end of the Hollywood Foreign Press group
- It comes after an investigation revealed diversity issues and signs of corruption within the body
In a statement, the HFPA — which consists of more than 100 entertainment journalists and photographers — announced on Monday that Dick Clark Productions (DCP) and Eldridge had acquired all the Golden Globes' assets, rights and properties.
As part of the deal, the private investors will continue to manage the annual Golden Globes Award show and focus on expanding its viewership around the world.
The takeover "will result in the wind-down of the HFPA and its membership," the statement said, though no timeline was given for when it would happen.
The sale comes after the HFPA struggled to repair its reputation following Hollywood backlash over its ethics and lack of diversity, which led US television network NBC to drop the Golden Globes ceremony in 2022.
A Los Angeles Times investigation in 2021 revealed the HFPA had no black journalists among its ranks, with some members accused of making sexist and racist remarks, as well as accepting favours from prospective award nominees
The HFPA responded by expanding and diversifying its membership and enacting new ethics policies.
President of the HFPA, Helen Hoehne, said the Golden Globes would become a for-profit venture.
"We are excited to close on this much-anticipated member-approved transaction and transition from a member-led organisation to a commercial enterprise," Ms Hoehne said.
The financial terms of the deal — which was approved by California's attorney-general — were not disclosed.
The proceeds from the transaction and existing resources of the HFPA would go toward the new Golden Globe Foundation, which would focus on "entertainment-related charitable giving," according to the statement.
"Today marks a significant milestone in the evolution of the Golden Globes," said Todd Boehly, Chairman of Eldridge.
"My partners at DCP and I are grateful to Helen and team for their commitment to the successful implementation of a robust approach to governance, the expansion of the diverse and international voting body, implementing a professional, safe, and accountable environment, and trusting new ownership with a new direction for the Globes."
Under plans previously announced by Mr Boehly, current HFPA members will be offered salaried positions running the new Globes.
No television deal is currently in place for the next Golden Globes Award ceremony, which is set to take place on January 7.
Mr Boehly is an American businessman who is also chairman of Premier League football club Chelsea.
His holding company Eldridge owns DCP, which produces the Golden Globes telecast, and part of the Beverly Hilton Hotel, which hosts the ceremony.