Hollywood production boutique Mandalay Entertainment Group said Monday that it was teaming up with Mosaic Media Group to "energize and grow" Dick Clark Productions and become a bigger player in the television business.
The partnership comes two years after Mosaic Media organized a private investment group to buy the pop music icon's company for $136 million.
Mandalay bought the interest of a Canadian pension fund, CDP Capital Communications, which had been part of the initial group of investors. But after the deal closed, CDP showed little interest in Hollywood.
Partnering with Mandalay will bring "more energy, more sophistication and more entertainment insider-knowledge to the business," said Allen Shapiro, Mosaic's president. "We're finally going to be able to realize the dreams that we had when we first bought the company."
Mosaic and Mandalay have formed a new entity, Mandalay Mosaic Television Group, with plans to produce TV series and reality shows.
Its Dick Clark unit produces such popular shows as "The Golden Globe Awards," "American Music Awards" and "Dick Clark's New Year's Rockin' Eve." Clark, who became a household face with the popular dance show "American Bandstand," which he turned into a mini-TV empire, will continue to hold a 20% stake in the company that he founded in 1957.
Financial terms were not disclosed. Shapiro will manage Mandalay Mosaic's operations.
"The idea is to help support and grow the Dick Clark asset and grow our other television programs, whether it be movies of the week or talk shows," said Peter Guber, chairman of Mandalay.
Mosaic also produced the "Scooby Doo" movie franchise and owns a talent management firm with such clients as Jim Carrey, Ellen DeGeneres and Will Ferrell. The firm recently announced that it would revive "American Bandstand" with Simon Fuller, who helped create the hit show "American Idol."
Mandalay has helped finance more than 12 films. It also produces TV series and movies, and its Mandalay Sports division owns several baseball teams.