American Idol host Ryan Seacrest is believed to be planning a $300m bid for his former mentor Dick Clark’s production company.
The TV star faces competition from Colony Capital and Core Media Group for Dick Clark Productions, which is currently controlled by Red Zone Capital, the private equity firm of Washington Redskins owner Daniel Snyder.
In February global private equity firms Thomas H Lee Partners and Bain Capital agreed to invest up to $300m in Seacrest’s production company in a bid to target new opportunities in the US media space.
The firms backed Ryan SeaCrest Productions (RSP) to identify, acquire and develop innovative media companies, media content and other media properties that can be leveraged to support a range of media businesses.
Under a separate agreement Clear Channel, which is majority owned by Bain and THL, will buy a minority stake in RSP.
RSP produces the US series ‘Keeping Up with the Kardashians,’ and the spin-offs ‘Kourtney and Kim Take New York,’ ‘Khloe and Lamar,’ and ‘Kourtney and Khloe Take Miami.’
Seacrest, who co-hosted New Year’s Rockin’ Eve with Clark in recent years, described him as “one of the greatest influences of my life” following Clark’s death in April, according to Reuters.
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