The Golden Globes will become a for-profit corporation owned by the current HFPA CEO

The Hollywood Foreign Press Association has announced that it will become a private, for-profit corporation, with its charitable and philanthropic programs managed in a separate nonprofit entity.

Eldridge Industries, a global company that oversees the for-profit HFPA, invests in insurance, asset management, technology, sports, media, real estate and the consumer sector. Its founder and president is Todd L. Boehly, who currently serves as the HFPA's acting executive director. HFPA members voted on the proposal to approve the agreement.

Eldridge will oversee the creation of a new private company that will acquire all intellectual property rights to the Golden Globes and will be "empowered to oversee the professionalization and modernization of the Golden Globe Awards." A statement announcing the move said "Boehly was not part of the review, recommendation or approval process."

The release promised the transition would include the development of staff and a leadership team, with additional Golden Globes voters added to “increase the size and diversity of voters available for annual awards.”

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"This is a historic moment for the HFPA and the Golden Globes," said HFPA President Helen Hoehne. “We have taken a decisive step to transform ourselves and adapt to this increasingly competitive economic landscape, both for awards and for the journalism market. Our special committee and our team of legal and financial advisors did an incredible job of reviewing, analyzing and comparing the options presented to us. We are excited to move forward with the mandate to ensure we continue to support increased diversity in all areas and maintain our life-changing charitable and philanthropic efforts. »

According to the HFPA, financial adviser Houlihan Lokey "produced several proposals submitted by a number of companies and investment groups" which were "reviewed and analyzed by the HFPA's special committee, alongside its legal adviser, Morgan, Lewis & Bockius". The three-member committee is made up of HFPA board members Sharlette Hambrick, Jeff Harris and Dr. Joanna Massey.

“This review process was comprehensive, deliberate and thoughtful to ensure fairness and accuracy,” Hoehne added. “In accordance with our statutes, the decision ultimately belonged to our members, who voted on the proposal. As we look forward to celebrating our 80th anniversary in January 2023, we are extremely excited about this new era for our association. »

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