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The owner of The Hollywood Reporter is consolidating its media and entertainment properties into a new company that will be led by veteran Media Rights Capital executives Asif Satchu and Modi Wiczyk.
Valence Media, the new entertainment and media arm of investor Todd Boehly’s Eldridge Industries, brings together Hollywood Reporter and Billboard with dcp, the producer of the annual Golden Globe Awards and New Year’s Rockin‘ Eve, and MRC, the production outfit behind films like Baby Driver and such TV series as Ozark and House of Cards. Each of the properties was previously owned separately by Eldridge.
In addition, Valence will own Eldridge’s minority stake in A24, the film studio behind last year’s best picture Oscar winner Moonlight and this year’s contender Lady Bird.
Satchu and Wiczyk, co-CEOs of Media Rights Capital, will serve as co-CEOs of the combined company, with Boehly serving as chairman. Leadership at each division of Valence will remain in place, with existing MRC executives taking on additional responsibilities; Mike Mahan becoming CEO and Allen Shapiro serving as executive chairman of dcp; and Billboard-Hollywood Reporter president John Amato becoming CEO of the division that includes THR, Billboard, Spin, Vibe and Stereogum.
In an interview, Wiczyk said the Valence Media divisions would operate separately but the company would look to leverage its scale and authority in entertainment and music to better serve advertisers and sponsors. He also said the company will have an eye toward acquisitions.
“A common link between these three divisions is that you have got people who care deeply about the content that they put into the world and are really best in class,” said Wiczyk, a former WME agent who founded MRC with Satchi in 2006. “As with many mergers of scope, there will be opportunities for cross-collaboration, which will be discussed in the weeks and the months to come. And there will be an appetite for investment in like-minded companies who are excellent at what they do.”
The combined company will include production labels touting 11 Oscars, 18 Golden Globes and 53 Emmys, as well as some of the most watched live events on television and the leading media brands in entertainment and music, which together reached 37.5 million U.S. unique visitors in December, according to comScore.
“The genesis and purpose of this is all about investing in growth,” Wiczyk said. “We are thinking about where we can invest more to grow more across these groups, within them and with them collaborating together.”
The editorial voice of the media brands will remain independent. “We look forward to working closely with John Amato and the Billboard-Hollywood Reporter leadership team to take the brand into the future. As we seek to strengthen THR-BB’s leadership position in this space, we will continue to protect the independence and objectivity of our journalists,” said shareholders Boehly, Satchu and Wiczyk in a joint statement.
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