The RedZone Capital investment company today announced that it has purchased Dick Clark Productions, producers of several television properties, including The Golden Globe awards and So You Think You Can Dance. The deal, which is worth $175 million, will see RedZone Capital take a 60 percent share in DCP, with the remaining 40 percent under Six Flags, Inc.
Dan Snyder, who is the owner of the Washington Redskins football team, is currently the chairman of both RedZone and Six Flags and will now also be chairman of DCP.
"Dick Clark Productions is responsible for some of the most enduring brands in entertainment," Snyder said in a statement. "This was a rare opportunity to acquire a powerhouse portfolio and grow it in new directions."
As its name implies, the company was started by television icon Dick Clark back in the late 1950s when Clark began hosting American Bandstand. The company also produces Rockin' New Year's Eve, The American Music Awards, The Academy of Country Music Awards, and multiple "Bloopers" shows.
RedZone has asked mega-talent-agency Creative Artists Agency to help develop new opportunities for Dick Clark Productions.
"Dan Snyder and his group will bring energy and new direction to a company that has meant so much to me," said Clark. "As we've talked, I've come to learn just how passionate these people are about this business and extending our success. They have my full support."