Golden Globes to become for-profit entity after handover to Eldridge Industries
Golden Globes is now a for-profit entity controlled by US billionaire Todd Boehly. The scandal-hit group Hollywood Foreign Press Association (HFPA) is undergoing a drastic change in order to “save the annual Golden Globe Awards”. The annual awards show will now be handled by Eldridge Industries, according to Variety.
For the first time in decades, the annual awards show went untelevised this year amid criticism for the HFPA’s lack of diversity. The organisation has been plagued by allegations of racism, corruption and amateurism and has faced a lot of backlash in the last few years.
Their latest move to hand over all assets and rights to the intellectual property of Golden Globes to Eldridge is said to be a “step forward to transform and adapt to the increasingly competitive economic landscape for both awards shows and the journalism marketplace.”
Eldridge will create a new private company after it acquires all rights for the Golden Globes intellectual property. They will be empowered to oversee the professionalization and modernization of the high-profile awards show. The HFPA, however, will remain a non-profit entity and will focus on charitable efforts largely funded by the Golden Globes.
HFPA President Helen Hoehne, in an official statement, said on Thursday, “This is a historic moment for the HFPA and the Golden Globes.” He further added, “Our special committee and team of legal and financial advisors did an incredible amount of work in reviewing, analyzing, and comparing the options presented to us. We are excited to move forward with a mandate to ensure we continue our support for increasing diversity in all areas and maintaining our life-changing charitable and philanthropic efforts.”
As part of the transition, more Golden Globes voters will be added to the group “to increase the size and diversity of the available voters for the annual awards.”
