The MRC Entertainment has separated its media assets from Todd Boehly’s Eldridge Industries in a reorg in which MRC co-CEOs Modi Wiczyk and Asif Satchu will take bigger stakes in production with Eldridge keeping Dick Clark Productions and a Penske Media joint venture.
MRC will retain and control its existing operations as a leading independent studio, with three distinct divisions — film, TV and nonfiction. T-Street and Civic Center Media will remain MRC stakes, the companies announced Friday in a press release.
Eldridge will keep Dick Clark Productions, investments into A24, Fulwell 73 and Sugar 23 and Luminate as well as Penske Media Corporation which includes Variety, Billboard and Rolling Stone as well as Vibe, Music Business Worldwide and a majority stake in South by Southwest. Eldridge will remain a minority shareholder in 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 and Wiczyk made the statement. “We thank Eldridge for their continued partnership and wish all of our colleagues the very best for the future.”
“The announcement today marks a significant milestone for Eldridge and MRC, representing our commitment to building successful brands in the industry,”Boehly stated. “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.”
The companies stated that a transition structure will be in place over the coming months to ensure stability and maximum growth over the long-term.
MRC is a major independent entertainment studio whose productions won 111 Emmys. Its films have gross more than $6B in worldwide box-office. The MRC TV projects span from “Ozark,” “The Great” “The Terminal List”To “Poker Face” “Shrink Next Door.” MRC film titles include “Ted,” “Knives Out,” “Baby Driver,” “Elysium,” “Bruno,” “Babel,” “Persuasion” “Jerry and Marge Go Large.”
Eldridge invests in businesses that include technology, mobility, insurance and other sectors.