The Hollywood Foreign Press Association, an 80-year-old staple of the Hollywood film industry, will dissolve. The HFPA, best known publicly for its annual hosting of the Golden Globe Awards, has sold the rights to the famed awards show to Penske Media Corporation. Penske owns a multitude of film and entertainment staples, including Variety, Deadline Hollywood, The Hollywood Reporter, and Dick Clark Productions. You can read the statement from the HFPA below:

We are excited to close on this much anticipated member-approved transaction and transition from a member-led organization to a commercial enterprise.

Helen Hoehne, HFPA president, via TVLine

What Does This Mean For The Golden Globe Awards?

The sale of the Golden Globe IP to Penske is significant. As the awards show is now in the hands of a for-profit enterprise. The HFPA was a non-profit organization, relying on donations and grants to continue its work. This shift means that Penske is looking to make a profit through this acquisition. Dick Clark Productions, which Penske also owns, has been tied to the Golden Globe Awards for decades. The new acquisition makes it incredibly easy and beneficial for the two to continue their work together. Penske promises to continue the charitable work of the Golden Globes. However, the awards show will be distinctly a money-making venture. You can read the statement from Penske below:

As stewards of the Golden Globe Awards, our mission is to continue creating the most dynamic awards ceremony on live television viewed across the world. We have a great team in place to grow this iconic brand and captivate new and existing audiences to celebrate the very best in television and motion pictures.

Jay Penske, Chairman and CEO of Penske Media Corporation, via TVLine

The Golden Globe Awards will next air on January 7th, 2024, on a to-be-decided network. Penske will have to secure a TV network to broadcast the 81st edition of the awards show. Or it could look for a home on a streaming provider. Netflix and Amazon have already picked up the rights to the Screen Actors Guild Awards and the Academy of Country Music Awards respectively. It will be fascinating to see where the Golden Globes potentially end up next year. We’ll just have to wait and see for the next announcement from their new owner.

WE WANT TO HEAR FROM YOU

What do you think about this news regarding the Golden Globe Awards? Also, would you be disappointed if the Awards aired on a streaming provider instead of a TV network?

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