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. MRC will also retain its stakes in Civic Center Media and T-Street, the companies said Friday in a news release.
Eldridge will retain Dick Clark Productions, investments in A24, Fulwell 73, Sugar 23 and Luminate, as well as the Penske Media Corporation, which includes The Hollywood Reporter, Variety, Billboard, Rolling Stone, Deadline Hollywood, Vibe, Music Business Worldwide, Life Is Beautiful and a majority investment in South by Southwest. Eldridge will also remain as a significant 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 said in a 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 said. “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.”
A transition structure will be implemented over the next several months to ensure long-term stability and maximum growth for all the entities, the companies said.
MRC is a leading independent entertainment studio whose productions have garnered 111 Emmys, 29 Golden Globes, 12 Oscars and two Grammys. Its films have grossed more than $6 billion in worldwide box office. MRC TV projects range from “Ozark,” “The Great” and “The Terminal List” to “Poker Face” and “Shrink Next Door.” MRC film titles include “Ted,” “Knives Out,” “Baby Driver,” “Elysium,” “Bruno,” “Babel,” “Persuasion” and “Jerry and Marge Go Large.”
Eldridge invests in businesses across the insurance, asset management, technology, mobility and sports industries, among others.