HOLLYWOOD FOREIGN PRESS ASSOCIATION ANNOUNCES PROCESS OF REVIEW OF POTENTIAL STRATEGIC ALTERNATIVES

Process to be Led by Special Committee Comprised of Independent Members of Board of Directors Will Review Potential Proposals

LOS ANGELES, May 13, 2022 /PRNewswire/ -- Continuing its ongoing transformation process, the Hollywood Foreign Press Association ("HFPA") announced the beginning of a formal review to determine potential outside strategic interest in its organization and assets. Potential proposals are to be reviewed by a Special Committee composed entirely of independent members of the Board of Directors, with the assistance of financial and legal advisors.

"As we announced last year, the HFPA began a process of change and transformation addressing issues of diversity, governance and conduct. As we continue that process, we have moved into the phase of determining the best course of action regarding the accomplishment of the HFPA's mission, including how to achieve the optimal financial and commercial growth for the Golden Globe® brand in the future," said Helen Hoehne, President of the HFPA. "The board of directors has appointed an independent committee to work with our financial and legal advisors to review proposals from any interested parties in such phase."

The HFPA has embarked on a review of potential strategic alternatives in response to significantly changed market conditions for journalism and recent inquiries about potential partnership opportunities to leverage its attractive assets in a post-pandemic environment. Its Special Committee will review potential strategic options with the goal of optimizing the value of the HFPA's various assets and continue to enhance the organization's position in the marketplace while strengthening its relationships with various stakeholders.

As part of this review, the HFPA has negotiated a term sheet with Eldridge Industries LLC ("Eldridge"), a global firm that makes investments in various industries including insurance, asset management, technology, sports, media, real estate, and the consumer sector. Eldridge was founded and is chaired by Todd L. Boehly, who is currently interim chief executive officer of the HFPA. The term sheet allows for the HFPA to solicit other offers and consider alternative transactions. At least one other entity has already indicated interest in making a proposal.

The Special Committee is comprised exclusively of the three outside independent members of the board: Sharlette Hambrick, Jeff Harris and Dr. Joanna Massey. This Special Committee will consider various strategic alternatives and review any proposals from interested parties with the assistance of Houlihan Lokey, Inc. and its legal advisors. Boehly will not be part of the review, recommendation or approval process with respect to these proposals.

"The decision to create a special independent committee, which will work collaboratively with financial and legal advisors follows our previously stated commitment to adhere to good governance practices and transparency in our actions," Hoehne added.

The HFPA is committed to a thorough and swift review of its potential strategic alternatives to identify a path forward that is in its best interests. At this time, the Special Committee has not reached any conclusion, and there can be no assurance the review will result in any transaction or other strategic change or outcome.

The HFPA remains committed to continuing its process of change and transformation to address issues of diversity, governance, and conduct, regardless of whether there is a transaction or other strategic change or outcome. The HFPA does not intend to comment further until it determines that additional disclosure is appropriate or necessary.

The Hollywood Foreign Press Association (HFPA) was founded in 1943 – then known as the Hollywood Foreign Correspondents Association – by a group of entertainment journalists based in Los Angeles. During World War II, the non-profit organization established a cultural bridge between Tinseltown and millions around the world seeking an escape and inspiration through entertainment. The HFPA continues to do so today with a membership representing more than 55 countries.

Since 1944, the group has hosted the annual Golden Globe® Awards – the premier ceremony which honors achievements in both television and film. The licensing fees from the Golden Globe® Awards has enabled the organization to donate more than $50 million to more than 70 entertainment-related charities, film restoration, scholarship programs and humanitarian efforts over the last three decades. Its efforts include support for diversity programs in partnership with advocacy groups promoting greater access in Hollywood aimed at underserved communities. For more information, please visit www.GoldenGlobes.com and follow us on Twitter (@GoldenGlobes), Instagram (@GoldenGlobes), and Facebook (www.facebook.com/GoldenGlobes).

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SOURCE HFPA