Big changes are afoot for the Golden Globe Awards now that Dick Clark Productions and Todd Boehly’s Eldridge have acquired the assets of the nonprofit Hollywood Foreign Press Association, which will shutter as the awards franchise moves into a new era.

The new owners will use the assets and the cash on hand from the HFPA to establish the Golden Globe Foundation, which will continue on the HFPA’s tradition of charitable giving. The awards show itself and related assets will now be part of the for-profit operations of Dick Clark Productions, which has long been allied with the HFPA for the awards show. The move out of the HFPA’s nonprofit status will allow the Globes to pursue many more commercial opportunities than were possible under the HFPA regime.

HFPA’s current president, Helene Hoehne, said the deal had been approved by the association’s roughly 90 full-time members.

“We are excited to close on this much anticipated member-approved transaction and transition from a member-led organization to a commercial enterprise,” said Hoehne.

Boehly, who acquired Dick Clark Productions more than a decade ago, called the transaction “a significant milestone” in the 80-year history of the Globes.

“My partners at DCP and I are grateful to Helen and team for their commitment to the successful implementation of a robust approach to governance, the expansion of the diverse and international voting body, implementing a professional, safe and accountable environment, and trusting new ownership with a new direction for the Globes,” said Boehly, who is chairman of Eldridge.

“As stewards of the Golden Globe Awards, our mission is to continue creating the most dynamic awards ceremony on live television viewed across the world,” said Jay Penske, CEO, Chairman and Founder, Penske Media, and CEO of Dick Clark Productions. “We have a great team in place to grow this iconic brand and captivate new and existing audiences to celebrate the very best in television and motion pictures.”

Variety parent company Penske Media is the owner of Dick Clark Productions.

More to come