Edlridge Holdings Evaluated
Guggenheim spun off the media assets into a separate company last year, with Boehly – co-owner of the Los Angeles Dodgers – as leader of the investment group.
At the time, the media platform was known to have “deep financial challenges,” as Variety put it. Now he has retained Goldman Sachs and Moelis & Co. to give it a look.
Billboard and THR have been “hemorrhaging money” at an annual clip of $20 million, insiders told HITS, and have attracted zero interest from potential buyers, with DCP the only asset getting looks.
However, a representative for Eldridge told Pollstar the reports are wildly inaccurate.
“The idea that Billboard and The Hollywood Reporter are losing $20 million a year is nonsense; (2) Eldridge is not looking for buyers of any of its properties; and (3) the only reason Eldridge is conducting a strategic review is that the company has received unsolicited offers for some of its media assets.
“As Eldridge chairman and CEO Todd Boehly told Reuters two weeks ago: ‘For several years now, I have been involved in developing and executing a strategy of developing and repurposing global media brands and live events. Last year’s acquisitions by Eldridge of Dick Clark Productions, Billboard, The Hollywood Reporter and other media assets were part of this strategy. Recently, Eldridge received unsolicited interest in one of its media assets. This led us to hire Moelis & Company and Goldman Sachs to conduct a strategic review of Eldridge’s media holdings.
“The result may include more acquisitions, strategic partnerships, or divestitures – the review is still ongoing and no final decisions have been made.’”