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Gold Derby, a website dedicated to predicting the winners at major entertainment awards shows, has been acquired by Variety parent company Penske Media Corporation, the company announced Tuesday.

PMC will look to its new acquisition to enhance the awards coverage of the multiple news brands it already owns, as well as explore opportunities to integrate its prediction technologies across its consumer and trade properties.

Financial terms of the deal were not disclosed.

All employees of Gold Derby will come to PMC as part of the deal, including founder Tom O’Neil, who will continue as president and editor-in-chief of the website. The author of several books on awards shows, O’Neil launched Gold Derby in 2000.

“Today’s announcement reflects our strategy to invest in quality media brands with intrinsic value,” said PMC Chairman and CEO Jay Penske. “We’ve watched Gold Derby develop as a premiere brand in Hollywood delivering innovative predictions and racetrack odds monitored closely by a devoted audience; we look forward to tapping into that audience while also benefiting from its smart digital tools.”

In addition to covering major awards shows including the Oscars and Emmys, Gold Derby has also branched out it offering predictions for TV reality shows including “American Idol” and “So You Think You Can Dance.”