CLARK SELLING TV ENTERPRISE.Byline: Gregory J. Wilcox Staff Writer BURBANK - Shares of Dick Clark
Richard Wagstaff "Dick" Clark (born November 30, 1929) is an Emmy Award-winning American television, radio personality, game show host and businessman, he served as Productions soared 30.8 percent on Thursday after the pop music icon announced that the company was being sold to a private investment group for $140 million. The deal will leave Clark a minority stakeholder stakeholder n. a person having in his/her possession (holding) money or property in which he/she has no interest, right or title, awaiting the outcome of a dispute between two or more claimants to the money or property. in the company and he will remain its chairman and chief executive officer. The buyers, led by Mosaic Media Group Inc., Capital Communications CDPQ CDPQ Caisse de Dépôt et de Placement du Québec Inc. and longtime television executive Jules Haimovitz, will pay shareholders other than Clark $14.50 a share in cash. Clark will sell a portion of his holdings for $12.50 a share and then invest the remaining stake in the acquiring entity. Haimovitz will become vice chairman and will participate in developing the strategic direction of the company. The company, known internationally for producing the long-running hit ``American Bandstand'' and the popular Golden Globe Awards broadcast and ``New Year's Rockin Eve,'' refused to comment on the deal beyond what was in a press release. ``Our participation in this new group should provide Dick Clark Productions with exciting and innovative new partnering resources,'' Clark said in a statement. Broadening Clark's asset base will enable the Burbank-based company, founded in 1957, to better compete in a time when production costs are rising and the digital entertainment field is expanding. Haimovitz, presently a consultant to the chairman and chief executive officer of Metro-Goldwyn-Mayer, said that the deal was in the works for about six months. ``I am very excited about the prospect of working ... toward the goal of broadening Dick Clark Productions into a diversified entertainment and media company,'' said Haimovitz, formerly the president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of King World Productions Inc. Mosaic Media Group was formed in 1999 through the merger of film and music company Atlas Entertainment and its affiliated division Atlas/Third Rail Management and the talent management group The Gold/Miller Co. Atlas Entertainment titles include ``Cool Runnings,'' ``12 Monkeys,'' ``City of Angels'' and ``Three Kings.'' It is currently in post-production on the live-action version of ``Scooby Doo.'' The music management client roster includes Alanis Morissette, The Goo Goo Dolls, Outkast, Green Day and Jagged Edge. Gold/Miller clients include Jim Carrey “James Carrey” redirects here. For the murder conspirator, see James Carey. James Eugene Carrey (born January 17, 1962) is a Canadian actor and comedian. , Ellen Degeneres Ellen Lee DeGeneres (born January 26, 1958) is an American stand-up comedian, actress, and currently the Emmy Award-winning host of the syndicated talk show The Ellen DeGeneres Show. DeGeneres has hosted both the Academy Awards and the Primetime Emmys. , Garry Shandling Garry Shandling (born November 29, 1949) is an American comedian. He is best known for his work in It's Garry Shandling's Show and The Larry Sanders Show. , Will Ferrell John William "Will" Ferrell (born July 16, 1967[1]) is an Emmy- and Golden Globe-nominated American comedian, impressionist, writer and actor who first established himself as a cast member of Saturday Night Live, and Kevin Sorbo Kevin David Sorbo (born September 24, 1958) is an American actor probably best known for the role of Hercules on and Captain Dylan Hunt in Andromeda. Biography Early life and career . Allen Shapiro, Mosaic's president, said combining his company's talent relations with Clark's television production capacity creates opportunities for both parties. And he noted that Clark's event programming is becoming an increasingly valuable segment of the television business and that the company's library has tremendous value. ``Dick Clark is a guy whose had a strong reputation throughout 50 years. The company has created franchise programming ... and it has a spectacular library. We were attracted to the people, the product and the future possibilities,'' Shapiro said. Clark's shares closed Thursday at $14.30, up $3.37. CAPTION(S): photo Photo: Dick Clark, seen here in a December photo, announced he is selling Dick Clark Productions to a private investment group. Kim D. Johnson/Associated Press |
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