Television event production company Dick Clark Productions, House of Cards production company Media Rights Capital (MRC) and the publisher of Billboard and Hollywood Reporter have merged under a new entity called Valence Media, reports the LA Times.
Los Angeles-based Valence is owned by Todd Boehly’s Eldridge Industries and MRC co-founders Asif Satchu and Modi Wiczyk. Satchu and Wiczyk will lead the new company as co-chief executives, while Boehly will serve as chairman.
Eldridge, which Boehly formed when he left Guggenheim Partners, already owned Dick Clark Productions, Billboard-Hollywood Reporter Media Group and a minority stake in MRC. In 2016, the Billboard-Hollywood Reporter bought rock music publication Spin, hip-hop and R&B magazine Vibe and indie music blog Stereogum in a bid to reach a younger, digitally-inclined audience.
LA Times reports that leadership for both Hollywood Reporter and Billboard will remain intact.
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