BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Eldridge and MRC today jointly announced that they have completed the separation of combined media assets.
MRC, led by founders and co-CEOs Modi Wiczyk and Asif Satchu, will retain and control its existing operations as the leading independent studio, with three distinct divisions - Film, Television and Non-Fiction. MRC will also retain its stakes in Civic Center Media and T-Street.
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, Vibe, Music Business Worldwide, Life is Beautiful, and the 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,” said Satchu and Wiczyk. “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,” said Eldridge Co-founder, Chairman and CEO, Todd Boehly. “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.
MRC is the leading independent entertainment studio which develops, finances and produces some of the world’s most iconic, award-winning and prestigious television series, films, and non-fiction documentaries with the industry’s foremost creative artists. To date, MRC has been nominated for 111 Emmy® Awards, 29 Golden Globe ® Awards, 12 Academy® Awards and 2 GRAMMY Awards® and its films have grossed more than $6 Billion in worldwide box office. MRC Television projects include: “Ozark,” “The Great,” “The Terminal List,” “Poker Face,” “Ted,” “Shrink Next Door,” “Shining Girls,” “Hello Tomorrow!,” “Time Bandits,” “Lucia,” “The Outsider,” and “House of Cards;” MRC Film titles include “Ted,” “Knives Out,” “Baby Driver,” “Elysium,” “Bruno,” “Babel,” “Persuasion,” “Jerry and Marge Go Large,” “Saltburn,” “The Mothership,” “The Blackening,” and “The Lovebirds.” MRC Non-Fiction recently debuted “The Sparks Brothers,” and has upcoming projects with filmmakers including Ahmir Thompson, Zackary Drucker, Bao Nguyen, Kief Davidson, Yemi Bamiro, Zach Heinzerling, Sacha Jenkins, Clair Titley and others. For more information please visit: www.mrcentertainment.com.
Eldridge invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media, Real Estate, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London. To learn more about Eldridge, please visit www.eldridge.com.