Mandalay, Mosaic team
Shapiro will head new entity
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Peter Guber's Mandalay Entertainment has bought out CDP Capital Entertainment's stake in Dick Clark Prods., partnering with Mosaic Media Group to create a new indie TV player.
Mandalay Mosaic Television Group will merge Mandalay TV with Mosaic's television interests. New entity, to be headed by current Mosaic topper Allen Shapiro, boasts a controlling interest in Dick Clark Prods.
Founded in 1957 by the septuagenarian TV icon, Dick Clark Prods. is not only behind the Globes, the AMAs and the New Year's Rockin' staple, but is also developing (along with 19 Entertainment's Simon Fuller) a new version of the show that launched the company, "American Bandstand."
"The plan is simple, we have enormous belief in the Dick Clark franchise," Shapiro said. "The properties they produce and control are very difficult to ever re-create."
The Dick Clark deal and launch of Mandalay Mosaic came about when CDP Capital Entertainment, a partnership that invested funds from a Canadian pension fund into entertainment companies, decided to pull out of Hollywood.
That included its stake in Mosaic's controlling share of Dick Clark. (Mosaic first took control of Dick Clark Prods. in 2002, in a deal worth $140 million.)
Financial details on the deal were not disclosed, although Guber said his company's investment alone is eight figures.
Having acquired a new partner to operate the Dick Clark assets, Shapiro said the company will now be able to broaden its focus.
"This allows us much more freedom and flexibility," Shapiro said. "This is an opportunity for us to expand into all sorts of other programming."
Beyond Dick Clark Prods., Mandalay Mosaic will also take over production on all of Mandalay TV's current operations, headed by prexy Elizabeth Stephens. The shingle's current slate include the Showtime pilot "The Hill," directed by Philip Noyce; "Psychopath," for Lion's Gate; and the sports talkshow "The Players' Lounge," hosted by Deion Sanders and Paul Rodriguez. Mandalay Mosaic is also producing a film for the Smithsonian Institute.
Under his watch, Shapiro said he plans to expand Mandalay Mosaic's development of scripted and unscripted drama and comedy.
In addition to developing content, Mandalay Mosaic will be in the market for acquisitions to beef up its capacity. Company is backed up for that purpose by its own capital, as well as funds from Mandalay Entertainment and Dick Clark Prods.' separate resources.
"At Mandalay, we spent millions of dollars putting the deal together, and we have the resources to continue to grow it," Guber said. "We're in a continuing mode of acquiring companies and building the infrastructure."
Mandalay Mosaic also plans to expand its executive structure in the coming months.
"Ultimately he'll not only be looking at other companies, but also at bringing over several key executives," Guber added.
Guber and Shapiro have known each other for years; deal was consummated quickly once it became apparent that Mosaic was looking for a partner to operate Dick Clark Prods.
"When the opportunity came along to acquire that asset we jumped on it," Guber said.
Mandalay's entertainment assets include feature finance and distribution; TV and sports; Mosaic boasts film production, music publishing, entertainment marketing, talent management and other businesses.
