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.
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