Snyder buys Dick Clark Prods. for $175 mil
EmptyNEW YORK -- Daniel Snyder, owner of the Washington Redskins football team, theme park operator Six Flags Inc. and the Johnny Rockets restaurant chain, has agreed to acquire Dick Clark Productions Inc. for $175 million, adding its library of shows, such as the Golden Globe Awards, Fox's "So You Think You Can Dance," "New Year's Rockin' Eve" and live music show "American Bandstand" to his growing entertainment ownership portfolio.
The production firm was founded in 1957 by legendary TV host Clark, with Snyder now taking over the chairman position.
Allen Shapiro has stepped down as CEO, with Terry Bateman taking over his duties.
Snyder investment firm RedZone Capital and Six Flags are jointly funding the purchase, with the theme park firm taking a 40% stake in the company, the parties said in a statement.
The deal marks the latest step by RedZone towards expanding its entertainment operations as it has vowed to do.
In the same vein, RedZone last year became a financial backer of Tom Cruise's film company.
"This was a rare opportunity to acquire a powerhouse portfolio, and grow it in new directions," Snyder said in the statement without providing more detailed plans.
However, RedZone and Dick Clark Prods. said they have hired CAA to develop TV, digital media, licensing and live event opportunities.
The Dick Clark library has "a wealth of largely untapped entertainment assets that will lay the foundation for exciting new properties and business opportunities," CAA's Emanuel Nunez said in a statement.
Clark suffered a stroke in 2004, two years after his production company went private.
"Dan Snyder and his group will bring energy and new direction to a company that has meant so much to me," he said in a statement. As we've talked, I've come to learn just how passionate these people are about this business and extending our success."