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Group Completes Purchase of Dick Clark Productions

July 27, 2002|Meg James

The $136-million sale of Dick Clark Productions Inc. to a group of private investors was finalized this week, company executives announced Friday.

Dick Clark Productions, founded in 1957, will continue as an independent television production company, with Clark staying on as chairman and chief executive.

Under terms of the agreement, announced five months ago, company stockholders received $14.50 a share in cash. Clark received $12.50 a share for a portion of his holdings; however, he transferred much of his shares into the acquiring entity, as did the company's chief operating officer, Francis La Maina, who stayed on as president.

Thursday was the final day of trading of Dick Clark Productions stock on Nasdaq.

The acquiring investors include artist management firm Mosaic Media Group, CDP Capital Communications, Claridge/Andell Group and television producer Jules Haimovitz. Haimovitz is a former president of King World Productions Inc. and Spelling Entertainment Inc.

"This will give Dick more support," said Haimovitz, who now is vice chairman of Dick Clark Productions.

Mosaic, which produced the hit Warner Bros. movie "Scooby-Doo," has become the principal shareholder of the production company.

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