×

Media Rights Capital, Dick Clark Prods., THR-Billboard Form Combined Company

Todd Boehly is hoping some of the various media properties he couldn’t find buyers for will fare better as one combined entity.

Live-event producer Dick Clark Prods. and entertainment-news provider Billboard-Hollywood Reporter Media Group,  which were nearly snatched up by Dalian Wanda Group last year, are joining forces with another Boehly investment, TV/film producer Media Rights Capital, to form Valence Media.

But the point of the newly configured group is not to cut costs or better set up the properties for sale, according to Modi Wiczyk, who will extend his oversight to all of Valence along with fellow MRC co-founder Asif Satchu.

Wiczyk envisions the three companies within Valence as just the first steps toward growing into a larger business through acquisitions and building new properties in-house.

“What we have a as a foundation from day one is expertise and relationships across film, scripted TV, live events and digital media,” Wiczyk told Variety. “That’s a great base to build from.”

Valence is where Boehly is parking all of the investments in the media vertical of his holding company Eldridge Industries, which continues to place bets across other sectors ranging from real estate to insurance, including a stake in MLB’s Dodgers franchise in Los Angeles.

A minority stake in a fourth property, film distributor A24, will also be tucked into Valence, but operate independently. Media buying giant WPP will see its investment in MRC carry over into Valence.

Boehly’s move comes nearly a year after the disintegration of a $1 billion sale of DCP to Wanda, which suddenly pulled out at the 11th hour before the acquisition could be completed. DCP is best known as the producer of the Golden Globes, which is currently the subject of negotiations with NBC and the Hollywood Foreign Press Assoc. that will determine its future TV home.

In a press release announcing the launch of Valence, the company pegs the enterprise value of Valence at $3 billion. But DCP alone is understood to be valued at $700 million in addition to debt under the terms of the Wanda deal.

Allen Shapiro will become executive chairman at DCP while Mike Mahan will become CEO. Shapiro previously served as CEO while Mahan was president.

Boehly will serve as chairman of Valence. Its businesses will continue to be operated by their current management teams, which will report into Wiczyk and Satchu, who will continue to oversee MRC.

The production company has a broad range of TV and film properties including “House of Cards,” the Netflix series that has been embroiled in controversy stemming from allegations confronting its former star, Kevin Spacey. Production resumed this week on a final season of the series.

Valence is also hoping that bringing the businesses together will yield more collaboration between them, such as cross-platform opportunities for marketers looking to scale their buys across properties that didn’t coordinate ad sales previously.

While Wiczyk touted the synergies that could be achieved by more tightly integrating operations of the various businesses contained within Valence, he said the editorial independence of the publications within the Billboard-THR unit would be preserved.

“The integrity of editorial is of paramount importance and must be protected assiduously,” said Wiczyk. “We will be looking at best practices at companies like Disney, which has ABC, and plenty of media companies where there are holding companies that create productions in some way or another.”

Billboard-THR has been on Boehly’s books since 2009, when he purchased the publications while president of private-equity giant Guggenheim Partners. He took the news brands with him when he left Guggenheim and started Eldridge.

The move to launch Valence had been anticipated since word filtered out last December during the Christmas holiday season that the formation of the new entity was afoot.  Goldman Sachs, Moelis & Co. and RBC, which had been lining up buyers for the properties, shepherded the Valence transaction.

More Biz

  • The Netflix logo is displayed at

    Netflix in Advanced Talks to Join Motion Picture Association of America

    WASHINGTON — Netflix is in advanced talks to join the Motion Picture Association of America, a move that would reflect its evolution as a major player in the movie business. The MPAA currently has six major studios as members, each paying annual dues between $15 million to $20 million per year. But it faces the [...]

  • Fate of 'Simpsons' Up in Air

    What Will Happen to 'The Simpsons’ as Disney Takes Over Fox?

    When “The Simpsons” ends its 30th and current season this spring, it will have racked up 663 original episodes — having a season ago passed “Gunsmoke” (635) as the longest-running scripted program in television history. But with the Walt Disney Co.’s acquisition of 21st Century Fox pending, one of TV’s least likely institutions could prove more [...]

  • Best Worst Performances Pink

    Pink, Muse, Chris Stapleton to Headline Citi Sound Vault During Grammy Week

    Pink, Muse and Chris Stapleton will headline Citi Sound Vault, the three-night live-music platform taking place at the Hollywood Palladium during Grammy week. Pink will kick off the Live Nation-produced series on Feb. 7, followed by Muse on Feb. 9 and Stapleton on Grammy night, the 10th. “This will be my first time performing at the [...]

  • China’s Maoyan Tweaks Terms for $350

    China’s Maoyan Tweaks Terms of $350 Million IPO

    Maoyan Entertainment, the Chinese ticketing giant, has updated the terms of its share offer in order to keep its IPO on course. It aims to raise up to $350 million of new cash by floating on the Hong Kong stock market. In a new draft prospectus published Tuesday, the company revealed that it had brought [...]

  • 76th ANNUAL GOLDEN GLOBE AWARDS --

    Tyler Perry: 6 Lessons He Shared at NATPE's 'Living the Dream' Summit

    MIAMI — Tyler Perry took time out of his “Madea’s Farewell” live stage tour and spent his Martin Luther King Jr. holiday giving an inspiring speech to aspiring producers and students gathered here for the annual NATPE convention. Perry was the keynoter Monday at the conference’s first ever “Living the Dream: A Career in Content” session [...]

  • FILE - In this Jan. 12,

    How to Watch the Patriots vs. Chiefs - AFC Championship

    The conference championships are set to take place Sunday, Jan. 20 ahead of Feb. 3’s Super Bowl LIII, with the top two teams in each the AFC and NFC conferences going head to head. The second game, the New England Patriots against the Kansas City Chiefs, is set to begin at 6:40 p.m. ET at [...]

  • The line of scrimmage between the

    How to Watch Rams vs. Saints Online - NFC Championship

    The conference championships are set to take place Sunday, Jan. 20 ahead of Feb. 3’s Super Bowl LIII, with the top two teams in each the AFC and NFC conferences going head to head. The first game, the Los Angeles Rams against the New Orleans Saints, is set to begin at 3:05 p.m. ET at [...]

More From Our Brands

Access exclusive content