Eldridge and MRC have completed the separation of their shared media assets, the two companies announced in a joint statement Friday (Aug. 5). As part of the deal, Eldridge will remain “a significant minority shareholder in MRC.”
Eldridge, run by co-founder, chairman and CEO Todd Boehly, will retain dick clark productions, as well as investments in A24, Fulwell 73, Sugar 23, Luminate and Penske Media Corporation, the parent company of Billboard, as well as publications including the Hollywood Reporter, Rolling Stone, Vibe, Music Business Worldwide and Variety, and the festivals Life Is Beautiful and SXSW, in which it is an investor.
MRC, meanwhile, will retain its own film and television studio, and its investments in Civic Center Media and T-Street.
“The announcement today marks a significant milestone for Eldridge and MRC, representing our commitment to building successful brands in the industry,” Boehly said in a statement. “We are excited by the teams and strategy across our investments in digital media, film and TV production, focused on bringing thoughtful and dynamic storytelling to audiences across multiple platforms and through the power of live entertainment.”
The companies said that a transition structure will be put in place over the next several months in order to ensure a smooth separation.
“When we combined forces in 2018, we set out to accomplish an ambitious set of objectives,” MRC’s founders and co-CEOs Modi Wiczyk and Asif Satchu said in a statement. “We are immensely proud of our team’s resulting success. The Live & Alternative group changed the model for awards shows, bringing them into the streaming age. Our Film, Television and Non-Fiction studio businesses have all experienced a quadrupling of their slates. And our minority holdings have enjoyed wonderful periods of growth. We thank Eldridge for their continued partnership and wish all of our colleagues the very best for the future.”