HFPA Considers Selling Assets, Dropping Nonprofit Status
The Golden Globes are officially for sale.
As the scandal-ridden Hollywood Foreign Press Association continues to navigate controversy after controversy, the future of the organization and its iconic Golden Globes award show remain in question.
On Friday, the HFPA announced (via Deadline) plans to consider selling off some of its assets, including the Golden Globes brand, to potential buyers. The move would mean dropping its nonprofit status in an attempt to boost the status of the Golden Globes.
A statement from the organization read, “Continuing its ongoing transformation process, the Hollywood Foreign Press Association (‘HFPA’) announced the beginning of a formal review to determine potential outside strategic interest in its organization and assets. Potential proposals are to be reviewed by a Special Committee composed entirely of independent members of the Board of Directors, with the assistance of financial and legal advisors.”
The Hollywood Foreign Press Association has been plagued with scandals alleging racism, sexism, and financial impropriety. NBC, the Golden Globes’ traditional broadcast home, declined to air the ceremony in 2022 as part of a media boycott of the HFPA due to the organization’s lack of diversity.
Businessman Todd Boehly, who has served as the HFPA’s interim CEO since October 2021, has long been rumored to have interest in acquiring the Golden Globes and operating the ceremony as a for-profit entity. Such a move could potentially help the ceremony return to the airwaves without the taint of the HFPA. Many in the entertainment industry have speculated that Friday’s announcement is a formality to allow Boehly to acquire the company.
“As we announced last year, the HFPA began a process of change and transformation addressing issues of diversity, governance and conduct. As we continue that process, we have moved into the phase of determining the best course of action regarding the accomplishment of the HFPA’s mission, including how to achieve the optimal financial and commercial growth for the Golden Globe brand in the future,” said Helen Hoehne, President of the HFPA. “The board of directors has appointed an independent committee to work with our financial and legal advisors to review proposals from any interested parties in such phase.
The statement noted that the organization is “committed to a thorough and swift review of its potential strategic alternatives to identify a path forward that is in its best interests.” But the HFPA was also careful to note that “at this time, the Special Committee has not reached any conclusion, and there can be no assurance the review will result in any transaction or other strategic change or outcome.”
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