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12 Monkeys -v- Dick Clark
By Jon Newton, p2pnet.net
(more articles from this author)
2002-02-21
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Music Industry News - as it happens
Source: Mi2N - February 14, 2002

Is Dick Clark real? It's a perrenial question. But whatever the answer, his shows certainly are. Founded in 1957, dick clark productions is a killer indie with "Dick Clark's New Year's Rockin Eve," the "American Music Awards," the "Golden Globe Awards," the "Bloopers" specials and series, the "Daytime Emmy Awards," and a lot of others in its line-up. dc also does live events and meetings, "integrated marketing programs" for major corporations and dick clark restaurants licenses and operates "Dick Clark's American Bandstand" casual dining restaurants. But it'll be an indie no longer if a deal with the Mosaic Media Group goes through.

Launched in July 1999, MMG merged Atlas Entertainment, and its affiliate Atlas/Third Rail Management, with the talent management group The Gold/Miller Company. Atlas produced "Cool Runnings," "12 Monkeys," "City of Angels," and "Three Kings," and is in post-production on the live-action version of "Scooby-Doo," and in pre-production on "Bullet Proof Monk" [we're not making this up ; ] starring Chow Yun Fat, Seann William Scott and Jaime King. Its music management client roster includes Alanis Morissette, The Goo Goo Dolls and Outkast and Gold/Miller "guides the careers" of "numerous" members of the Saturday Night Live cast, among others.

Now dick clark productions says it has, "entered into a definitive merger agreement, pursuant to which a group of investors led by Mosaic Media Group, Inc., Capital Communications CDPQ Inc. (which does business as CDP Capital Communications), and Jules Haimovitz, a senior television executive, will acquire all of the outstanding shares of dick clark productions. The agreement provides that stockholders other than Dick Clark will receive $14.50 per share in cash. Mr. Clark will receive $12.50 per share in cash for a portion of his shares. Henry Winterstern, co-founder and managing partner of CDP Capital Entertainment, will also invest in the acquiring entity.

"In addition, Mr. Clark will invest the remaining portion of his shares in the acquiring entity, along with Francis C. La Maina, President and Chief Operating Officer of dick clark productions. The transaction will have a total equity value of approximately $140 million. dick clark productions will continue to operate as an independent television production company with Dick Clark serving as the Chairman and Chief Executive Officer and Mr. La Maina as President and Chief Operating Officer. Jules Haimovitz will become Vice Chairman and will participate in developing the strategic direction of the company."

This is all subject to the approval of dick clark productions' stockholders and to the, "satisfaction of customary closing conditions". But there shouldn't be a problem, and to further smooth the way Dick Clark the person has apparently agreed to vote his shares, representing approximately 70% of dick clark production's outstanding shares, in favor of the transaction.

Related News from Mi2N:
» dick Clark Productions To Be Acquired In $140 Million Transaction


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