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Ryan Seacrest looking at Dick Clark Productions - sources
June 16, 2012 / 1:11 AM / 6 years ago

Ryan Seacrest looking at Dick Clark Productions - sources

LOS ANGELES (Reuters) - “American Idol” host Ryan Seacrest and others are considering bids to buy Dick Clark Productions, the company founded by the late TV icon and Seacrest’s mentor, people with knowledge of the matter said.

"American Idol" host Ryan Seacrest presides over the 11th season finale of "American Idol" in Los Angeles, California in this May 23, 2012 file photograph. REUTERS/Mario Anzuoni/Files

Ryan Seacrest Media, Core Media Group and Colony Capital are among the potential bidders who have requested information from Raine Group, which was retained by Dick Clark Productions to run a possible sale.

The sale price could top $300 million (191 million pounds), according to one person familiar with the bidding process.

A Seacrest spokeswoman and a representative for Colony Capital had no comment. Officials at Core Media Group could not be reached.

Seacrest, 37, is building a media empire through his own production company. Aside from “Idol,” he hosts a morning radio show, produces “Keeping Up with the Kardashians” for the E! cable TV network and will contribute to NBC’s “Today” show and summer Olympics coverage.

In January, Thomas H. Lee Partners and Bain Capital, which control Clear Channel Communications, announced a $300 million commitment to acquire and develop properties with Seacrest’s company. Clear Channel also took a minority stake in Seacrest’s company.

Core Media Group is run by Marc Graboff, former chairman of NBC Entertainment and Universal Media Studios. The company co-produces dancing show “So You Think You Can Dance” with Dick Clark Productions. Colony Capital is an investment firm and an owner of film studio Miramax.

Dick Clark Productions retained Raine after a judge in April ruled in favour of the company’s deal to keep the Golden Globe Awards that it produces on NBC through 2018.

The Hollywood Foreign Press Association, the group that gives out the TV and film awards, had argued that it should have been consulted before the deal was made.

In addition to the Golden Globes, Dick Clark Productions produces other shows including the American Music Awards and “Dick Clark’s New Year’s Rockin’ Eve.”

Clark, who founded the company in 1957, sold his majority stake to Mosaic Media Group in 2002. Dick Clark Productions is now owned by Red Zone Capital, the private equity firm of Washington Redskins owner Daniel Snyder.

Seacrest also partnered in January with Mark Cuban’s HDNet and others to rebrand the channel as AXS TV, a network that will air live entertainment and lifestyle programming.

Seacrest co-hosted “New Year’s Rockin’ Eve” in recent years with Clark. When Clark died in April, Seacrest described him as “one of the greatest influences of my life.”

Reporting By Ronald Grover and Lisa Richwine; editing by Andre Grenon, Bernard Orr

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