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Guggenheim heads media consortium in $370m Dick Clark Productions deal

4 Sep 2012

A consortium including private equity firm Guggenheim Partners has bought Dick Clark Productions in a $370m deal, it is understood.

Guggenheim will join Mandalay Entertainment and Mosaic Media Investment Partners for the Golden Globes telecast producer, according to Reuters.

The US firm emerged as the likely acquirer for the business last week after Ryan SeaCrest Productions, the production company spearheaded by its namesake American Idol host, was reported to have pulled out of the auction.

Ryan SeaCrest Productions is backed by global buyout firms Thomas H Lee Partners and Bain Capital, who agreed to invest up to $300m in the business in a bid to target new opportunities in the US media space.

Entertainment company CBS, Colony Capital and Core Media Group had all been linked with the auction for the business, which was controlled by Red Zone Capital, the private equity firm of Washington Redskins owner Daniel Snyder.

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