Eldridge and MRC announced today that they had completed the separation of all media assets.
MRC will be led by Modi Wiczyk, its founder and co-CEO, and Asif Satchu as its chief executive officer. It has three divisions: Film and Television, and Non-Fiction. MRC will also keep its stakes in Civic Center Media (T-Street)
Eldridge will retain dick clark productions and investments in South by Southwest, A24, Fulwell 73, Sugar 23 and Luminate, as well as the Penske Media Corporation — which includes Deadline, The Hollywood Reporter, Variety, Billboard, Rolling Stone, Vibe, Music Business Worldwide, Life is Beautiful. Eldridge will continue to be a significant minority shareholder of MRC.
“When we combined forces in 2018, we set out to accomplish an ambitious set of objectives. We are immensely proud of our team’s resulting success. The Live & Alternative group changed the model for awards shows, bringing them into the streaming age. Our Film, Television and Non-Fiction studio businesses have all experienced a quadrupling of their slates. And our minority holdings have enjoyed wonderful periods of growth,”Satchu, Wiczyk. “We thank Eldridge for their continued partnership and wish all of our colleagues the very best for the future.”
HFPA Names MRC Chairman Todd Boehly Interim Chief Executive Officer
Todd Boehly was co-founder, chairman, and CEO at Eldridge. “The announcement today marks a significant milestone for Eldridge and MRC, representing our commitment to building successful brands in the industry. We are excited by the teams and strategy across our investments in digital media, film and TV production, focused on bringing thoughtful and dynamic storytelling to audiences across multiple platforms and through the power of live entertainment.”
In the coming months, a transition structure will be in place.