LOS ANGELES--(BUSINESS WIRE)--Valence Media (“Valence” or “the Company”), a new leader in the entertainment industry, today announced its launch with the combination of three successful media companies: Billboard-Hollywood Reporter Media Group (“Billboard-Hollywood Reporter”), dick clark productions (“dcp”) and MRC.
Valence – with divisions or investments in premium television, wide release film, specialty film, live entertainment and digital media, and an enterprise value approaching $3 billion – anticipates growing both organically and through acquisitions. Tapping decades of leadership and complementary relationships across its businesses, the Company will leverage the expertise and resources of all three businesses.
Valence will be led by Asif Satchu and Modi Wiczyk, the co-founders and co-CEOs of MRC. Satchu and Wiczyk will serve as co-CEOs of Valence. Todd Boehly will serve as Chairman.
Each division within Valence will maintain its individual brand and current leadership team. At dcp, Allen Shapiro will become Executive Chairman, and Mike Mahan will become CEO. Billboard-Hollywood Reporter President John Amato will become CEO. Current leadership will remain in place at MRC with existing leadership assuming additional responsibilities.
Satchu and Wiczyk remarked: “We are excited about the many opportunities that lie ahead and look forward to building upon cross-collaboration opportunities to enhance what we can offer to colleagues, artists, customers, business partners and audiences. Our firm belief is that short and long-term growth depends on maximizing the expertise, relationships and creativity that these three combined, best-in-class businesses uniquely offer.”
Valence Media’s key stakeholders will benefit from the combination in several areas. The Company will:
- Offer more opportunities for colleagues, artists and distribution partners through a significantly broader content platform across premium television, wide release film, specialty film, live entertainment and digital media.
- Provide access to larger and more diverse premium advertising inventory for advertisers.
- Enhance cross promotional opportunities across a broader suite of media platforms.
- Develop new, compelling products from collective insights gained across the wider combined business.
From its headquarters in Los Angeles, Valence will establish its long-term growth strategy and look for new business development opportunities. In addition, Valence will also own Eldridge’s minority stake in A24.
Multinational advertising, marketing and communication company WPP plc, an early investor in MRC, will remain a strategic investment partner in Valence.
The terms of the transaction were not disclosed. Wilmer Cutler Pickering Hale and Dorr LLP and Kirkland & Ellis LLP served as legal counsel. Goldman Sachs, Moelis & Company and RBC acted as financial advisors.
About Valence Media
Valence is a diversified media company, with divisions or strategic investments in premium television, wide release film, specialty film, live events and digital media. Artists who have previously worked with, or are currently working with Valence include: Mahershala Ali, BTS, Jason Bateman, Neill Blomkamp, Dierks Bentley, Mariah Carey, Matt Damon, Cameron Diaz, Celine Dion, Drake, Ansel Elgort, David Fincher, Jodie Foster, Jamie Foxx, Lady Gaga, Greta Gerwig, Selena Gomez, Jon Hamm, Faith Hill, Imagine Dragons, Alejandro Gonzalez Iñárritu, Hugh Jackman, Peter Jackson and Fran Walsh, Lily James, Barry Jenkins, Laura Linney, Seth MacFarlane, Bruno Mars, Reba McEntire, Tim McGraw, Liam Neeson, Pink, Ed Sheeran, JK Simmons, Diana Ross, Charlize Theron, Carrie Underwood, Keith Urban, Mark Wahlberg, Edgar Wright and Robin Wright, among others. For more information about Valence Media, visit www.valencemediagroup.com.
About Valence Media’s divisions:
Billboard-Hollywood Reporter Media Group, the voice of the entertainment and music industries, hosts high-profile live events and reaches more than 40 million people each month. In addition to The Hollywood Reporter and Billboard, the company’s brands include Spin, Vibe and Stereogum.
dcp is the world’s largest producer and proprietor of televised live-event entertainment programing. Its’ more than 55 years of award-winning shows include the Golden Globes, Academy of Country Music Awards, Billboard Music Awards, American Music Awards and New Year’s Rockin’ Eve.
MRC is a leading television and film studio. Working with some of the industry's top artists, the company has financed, developed and produced television series such as the groundbreaking “House of Cards,” “Ozark” and “Counterpart.” Its movies include Baby Driver, Ted and Elysium, among others. Mortal Engines, written and produced by Peter Jackson and Fran Walsh, is slated for release in 2018. MRC has also selectively co-financed a number of major studio films including Furious 7, 22 Jump Street and Hotel Transylvania 2. To date, MRC films have grossed more than $4.5 billion in worldwide box office and its projects have been nominated for 18 Golden Globe Awards, 53 Emmy Awards, 11 Academy Awards, and 2 Grammy Awards.
About Eldridge Industries
Eldridge Industries owns a diversified portfolio of companies in media, insurance, real estate, asset lending, financing and management, sports and food and hospitality. The firm provides capital, perspective, relationships and a network of supportive companies to help experienced leaders and their teams execute their strategic plans. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York and London.