Guggenheim to buy Dick Clark Productions for $370 million: source

(Reuters) - Private equity firm Guggenheim Partners together with media companies Mandalay Entertainment and Mosaic Media Investment Partners will buy Golden Globes telecast producer Dick Clark Productions for about $370 million, a person directly familiar with the matter told Reuters.

Terms of the deal, announced on Tuesday, were not disclosed.

The independent production firm, set up by U.S. TV frontman Dick Clark in 1957, had been put up for sale by Red Zone Capital, the private equity firm of Washington Redskins owner Daniel Snyder.

Trade paper the Hollywood Reporter said last week that Guggenheim Partners had entered into exclusive negotiations with the production house.

Guggenheim Securities advised the consortium on the deal. The Raine Group acted as exclusive financial adviser to RedZone Capital Management.

(Reporting by Avik Das in Bangalore and Greg Roumeliotis in New York)

Source: http://news.yahoo.com/guggenheim-buy-dick-clark-productions-370-million-source-151030470--sector.html

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