Penske Media Sued by Hollywood Foreign Press Over Golden Globes Buy

Key Points:

• The Hollywood Foreign Press Association (HFPA) has filed a lawsuit against Penske Media, accusing the company of fraudulently acquiring the Golden Globes and attempting to monopolize the awards market through a coordinated boycott and acquisition strategy.
• The complaint alleges Penske Media orchestrated negative media campaigns about the HFPA's diversity issues, leading to a widespread boycott of the 2022 Golden Globes, which weakened the HFPA and facilitated the sale of the awards to Eldridge and Dick Clark Productions, entities connected to Penske.
• The HFPA claims the acquisition deal was conflicted and corrupt, with Eldridge chairman Todd Boehly involved on both sides, and that post-sale amendments improperly redirected $27.5 million in Golden Globes profits to Eldridge without proper board approval.
• Penske Media now controls multiple major Hollywood trade publications, awards shows, and related media platforms, which the HFPA argues gives the company monopolistic control over entertainment news and advertising revenues in the industry.
• The Golden Globes organization responded by dismissing the lawsuit as baseless and reiterated that the acquisition was fully approved and lawful, criticizing the HFPA for ongoing unethical behavior and alleging the lawsuit distracts from legitimate charitable efforts.