Eldridge and MRC have completed the separation of their shared media assets, the two companies announced in a joint statement on Friday (August 5). As part of the deal, Eldridge will remain “a significant minority shareholder in MRC.”
Eldridge, run by co-founder, chairman and CEO Todd Boehlywill retain dick clark productions as well as investments in A24, Fulwell 73, Sugar 23, Luminate and Penske Media Corporation, the parent company of Billboardas well as publications, including The Hollywood Reporter, Rolling stones, VibeMusic Business Worldwide and Varietyand the festivals Life Is Beautiful and SXSW, where he is an investor.
MRC, meanwhile, will retain its own film and television studio and its investments in Civic Center Media and T-Street.
“Today’s announcement marks an important milestone for Eldridge and MRC that represents our commitment to building successful brands in the industry,” Boehly said in a statement. “We are excited about the teams and strategy across our investments in digital media, film and television production, focused on bringing thoughtful and dynamic storytelling to audiences across multiple platforms and through the power of live entertainment.”
The companies said a transition structure will be put in place over the next several months to ensure a smooth separation.
“When we joined forces in 2018, we set out to achieve an ambitious set of goals,” MRC’s founders and co-CEOs Modi Wiczyk and Asif Satchu said in a statement. “We are incredibly proud of our team’s resulting success. The Live & Alternative group changed the model of awards shows and brought them into the streaming age. Our film, television and non-fiction studio businesses have all seen their boards quadruple. And our minority holdings have wonderful periods of growth. We thank Eldridge for their continued partnership and wish all our colleagues all the best for the future.”