Mad Mark Walter is at it again, as Guggenheim Partners finalized a deal to acquire Dick Clark Productions, or DCP, for $370 million, well beyond what other bidders were apparently willing to pay.
Mr. Walter, chief executive officer of the privately-owned financial firm, led a group that paid $2 billion for the Los Angeles Dodgers this spring, a price that was reportedly hundreds of millions of dollars more than the best offers at which rival groups were able to arrive.According to the Los Angeles Times:
The almost $400-million price for DCP was far more than most industry observers thought the company was worth. Other bidders, including CBS, Core Media Group and a consortium led by Ryan Seacrest, made runs at DCP but bailed when the price went well past the $300-million mark.
DCP is the television production company for the Golden Globes, the American Music Awards, and So You Think You Can Dance, among others.
Since buying the Dodgers, meanwhile, Guggenheim Baseball has larded the team’s payroll with high-priced veterans—several of whom are injured or seemingly past their primes—leaving us to wonder whether Mr. Walter knows that Dick Clark isn’t just old, he’s dead.