The owner of The Hollywood Reporter and Billboard is consolidating its publishing, film and TV production, and live events broadcasting properties to create a new company called Valence Media.
The new entertainment and media company is an arm of Eldridge Industries, owned by Los Angeles-based investor Todd Boehly. Boehly formed Eldridge when he left Guggenheim Partners, the previous owner of The Hollywood Reporter and Billboard.
Valence Media will include Media Rights Capital (MRC) and dick clark productions (dcp), the producer of televised live-event programming broadcasts like the annual Golden Globe Awards. MRC is the TV and film studio behind the movie “Baby Driver” and TV series “House of Cards.”
Valence will be led by Asif Satchu and Modi Wiczyk, the cofounders and co-CEOs of MRC. Boehly will serve as chairman. Each division within Valence will continue to operate independently, led by current leadership teams.
But the media company will work to leverage its scale to benefit advertisers and sponsors, Wiczyk told The Hollywood Reporter.
"As with many mergers of scope, there will be opportunities for cross-collaboration, which will be discussed in the weeks and the months to come. There will be an appetite for investment in like-minded companies that are excellent at what they do,” he said.
Valence Media states the merger will “provide access to larger and more diverse premium advertising inventory for advertisers,” as well as “enhance cross-promotional opportunities across a broader suite of media platforms.”
At dcp, Allen Shapiro will become executive chairman and Mike Mahan will become CEO.
John Amato, president of Billboard-Hollywood Reporter Media Group, which includes The Hollywood Reporter, Billboard, Spin, Vibe and Stereogum, will become CEO of the division.
A minority stake in a fourth property, film distributor A24, will also move under Valence Media.