Iconoclast 2024 introduces a fresh Hollywood, Media, and Entertainment model! 🌟

A New Model For Hollywood, Media & Entertainment | Iconoclast 2024

Welcome to a fresh conversation about the Golden Globes, a new model for Hollywood, media, and entertainment. We are joined by interviewer Maneet Ahuja, Editor-at-Large, and panelists Jay Pensky, chairman, founder, and CEO of Pensky Media Corporation, and Dick Clark Productions, as well as Todd Bley, co-founder, chairman, and CEO of Eldridge Industries. Let’s dive into their custom playbook beyond the pages of the annual Global billionaires issue and explore their vision for the industry. Thank you both for joining us!

Building Strong Relationships in the Industry

Building relationships is key in the entertainment industry, and Todd emphasizes its importance as a form of currency. Their initial connection was a bit rocky, with a cease and desist letter from Jay, but they eventually found common ground. Jay highlights their partnership’s strength and the value of long-term investors like Eldridge in fostering growth and transformation in the business.

Todd and Jay’s initial connection and rocky start
Building relationships as a form of currency in the industry
Long-term partnership and success in transforming businesses

Investing in Intellectual Property and Media Rights

Both Jay and Todd focus on intellectual property and media rights as core investments in their portfolios. They see value in trusted legacy brands like Hollywood Reporter and Billboard, with a focus on digital transformation and building sustainable brands in a noisy digital landscape. Their investment thesis revolves around creating unique opportunities by blending historic brands with modern IP strategies.

The value of intellectual property in the digital age
Transforming historic brands into sustainable digital platforms
Monetizing content through different revenue streams

Future-Proofing Entertainment Brands

The entertainment industry faces challenges with evolving mediums like TV and film. Todd and Jay stress the importance of diversifying revenue streams and staying differentiated in a rapidly changing environment. They emphasize fiscal responsibility, audience engagement, and strategic partnerships to secure the future success of entertainment brands like the Golden Globes.

Diversifying revenue streams for long-term sustainability
Staying differentiated and relevant in a changing industry
Leveraging strategic partnerships and audience engagement

Redefining Live TV Specials and the Golden Globes

The Golden Globes saw a resurgence in viewership and signed a significant deal with CBS parent Mount Plus for the next six years. Jay and Todd envision expanding the Golden Globes globally and positioning it as a leading player among prestigious award shows. Their success story highlights the power of teamwork, risk-taking, and strategic partnerships in redefining live TV specials for a new era.

Reviving the Golden Globes and increasing viewership
Expanding the brand globally and securing long-term partnerships
Positioning the Golden Globes as a leading award show contender

Strategic Investments and Asset Management

As operators and owners of media assets, Jay and Todd adopt a long-term investment strategy akin to Warren Buffet’s approach. They focus on building diverse revenue streams and managing assets that can compound value over time. Their investments in insurance benefits, lending businesses, and strategic partnerships reflect a commitment to sustainable growth and adaptability in an ever-changing market.

Long-term investment strategies for sustainable growth
Managing diverse asset portfolios and revenue streams
Adapting to market changes and evolving industry trends

Embracing Innovation and AI in Media

While AI disrupts industries, Jay and Todd view it as an opportunity rather than a threat. They see AI as a tool for efficiency, workflow optimization, and product development in media operations. By strategically integrating AI technologies, they aim to enhance their newsroom capabilities and drive innovation while maintaining a human touch in content creation and audience engagement.

Integrating AI technology for operational efficiency and innovation
Embracing AI as a strategic tool for content creation and workflow optimization
Maintaining a balance between technology and human touch in media operations

Hot Take: Fan Favorites and Best Sports Cities

As we conclude our conversation with Jay and Todd, we touch on their best and worst investments, reflecting on the transformative power of strong partnerships and strategic vision in the entertainment industry. Todd shares insights on the value of personal connections and brand building, while Jay underscores the importance of long-term investments and operational excellence in sustaining media brands. Their journey showcases the potential for growth and innovation by embracing change and adaptation in a dynamic industry.