Dick Clark Productions, the company which produces the Academy of Country Music Awards, will be sold to a group which includes Guggenheim Partners, reports the LA Times.
Guggenheim also has stakes in Billboard, Hollywood Reporter, AdWeek and the Los Angeles Dodgers. According to the Times it is likely that Billboard and AdWeek’s awards shows will soon be produced by DCP and that current DCP chief executive Mark Shapiro will exit.
DCP also produces The Golden Globes, The American Music Awards, and Fox’s So You Think You Can Dance.
Joining Guggenheim in the purchase of DCP are Mandalay Entertainment and Mosaic Media Investment Partners. The deal is believed to be worth $385 million, a price much higher than competing bids placed by CBS, Core Media Group, and a consortium led by Ryan Seacrest.