CBS Among Bidders for Dick Clark Productions (Report)
CBS Corp. is among those in the running to acquire Dick Clark Productions, according to Reuters.
The company is one of four to six bidders, which also includes Ryan Seacrest, that have moved on to a second round of bidding, the news service reported, citing anonymous sources. The deadline for making an offer is Aug. 31.
Other bidders include Colony Capital, which owns Miramax; Guggenheim Partners, a private equity firm; and Core Media Group, which is run by former NBC Entertainment chairman Marc Graboff. Core Media also holds the rights to the Elvis Presley brand and produces the Seacrest-hosted American Idol.
DCP produces the Golden Globe Awards, the American Music Awards, the Miss Universe Pageant, Fox's reality competition series So You Think You Can Dance and the New Years's Rockin' Eve broadcast, which was created by its late founder Dick Clark. Seacrest has co-hosted the show, which airs on ABC, since 2005.
CBS president and CEO Leslie Moonves has previously said that he considered bidding for the TV rights to the Globes in 2010. While the Globes are broadcast on NBC, CBS owns the rights to the Grammys and the People's Choice Awards.
Dick Clark Productions CEO Mark Shapiro and chairman Daniel Snyder, who also owns the Washington Redskins, are asking $350 million for the company, Reuters reported.
A total of 17 potential buyers reportedly have received DCP's financial information from the Raine Group, which is overseeing the sales process.
DCP was recently engaged in a legal fight with the Hollywood Foreign Press Association, which owns the Globes. In April, a judge ruled in favor of DCP's keeping the Globes on NBC through 2018. The HFPA had argued that DCP entered into its agreement with the network without its approval, a violation of the contract.
Clark founded the company in 1957; he sold his majority stake to Mosaic Media Group in 2002.
A CBS spokesman declined to comment when reached by Reuters, as did reps for Colony and Seacrest. Reps at DCP and Core Media didn't respond to requests for comment.