RedZone Capital, the private equity firm co-founded by Washington Redskins owner Daniel Snyder, has acquired Dick Clark Productions for $175 million — including a 10,000-hour library of live music performances. Snyder is chairman of the board of theme park chain Six Flags, which took a 40-percent equity interest. (RedZone is Six Flags’ largest shareholder.) The production company was taken private after a $140 million buyout in 2002 and has been operated by the Mandalay Mosaic Television Group since 2004. Release .
The library boasts nearly 900 hours of American Bandstand broadcasts and the Blooper shows, which should work well broken into bite-size pieces for mobile or online; the deal also includes The American Music Awards, The Golden Globes, The Academy of Country Music Awards and Dick Clark’s New Year’s Rockin’ Eve. Hence the other part of the acquisition announcement: RedZone and dick clark have signed with CAA “to facilitate the exploration and development of new creative and business opportunities in the areas of television, licensing, live events, sponsorships, and digital media.” Snyder’s statement emphasized the new media potential: “We believe we can extend the already successful programming and broadcast platforms with new approaches, new media, and diverse technologies — cellular, internet and wireless.”
– Also folded into the announcement: Allen Shapiro is stepping down as CEO and will be replaced by Terry Bateman, former Redskins CMO.
– As far as I can tell, the new member of the board with the most TV/entertainment experience is Mark Shapiro, the programming exec who left ESPN in 2005 to join Snyder and is now president and CEO of Six Flags.