The Golden Globes will become a for-profit entity after transferring to Eldridge Industries

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Golden Globes is now a for-profit entity controlled by American billionaire Todd Boehly. The outraged Hollywood Foreign Press Association (HFPA) is undergoing a radical change in order to “save the annual Golden Globe Awards”. The annual awards ceremony will now be handled by Eldridge Industries, according to Variety.

For the first time in decades, the annual awards ceremony was not televised this year amid criticism of the HFPA’s lack of diversity. The organization has been plagued by allegations of racism, corruption and amateurism and has faced a lot of backlash over the past few years.

Their latest move to cede all Golden Globes assets and intellectual property rights to Eldridge would be a “step forward in transforming and adapting to the increasingly competitive economic landscape for awards shows and the journalism marketplace.”

Eldridge will form a new private company after acquiring all intellectual property rights to the Golden Globes. They will be empowered to oversee the professionalization and modernization of high-level awards. The HFPA, however, will remain a nonprofit entity and focus on charitable efforts largely funded by the Golden Globes.

HFPA President Helen Hoehne said in an official statement Thursday, “This is a historic moment for the HFPA and the Golden Globes.” He added: “Our special committee and our team of legal and financial advisors have done an incredible job of reviewing, analyzing and comparing the options presented to us. We are excited to move forward with the mandate to ensure that we continue to support increasing diversity in all areas and maintain our life-changing charitable and philanthropic efforts. »

As part of the transition, more Golden Globes voters will be added to the pool “to increase the size and diversity of voters available for the annual awards.”

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