LOS ANGELES (CNS) — An investment company is taking over the Golden Globe Awards, which will become a private entity separate from the Hollywood Foreign Press Association's charitable and philanthropic programs, it was announced Thursday.

The company, Eldridge Industries — founded by Todd L. Boehly, current interim CEO of the HFPA — will acquire all rights to the Golden Globes and is expected to initiate a make over of the awards show.

The Golden Globes were dropped by NBC last year after media reports surfaced in early 2021 about the organization's demographics and conduct. The group gave out its awards in January in a private ceremony.

In August 2021, the HFPA passed a set of reforms aimed at diversifying its ranks.

Boehly was not part of the review, recommendation, or approval process that resulted in the Eldridge acquisition, the organization said.

"This is a historic moment for the HFPA and the Golden Globes," Helen Hoehne, president of the HFPA, said in a statement. "We have taken a decisive step forward to transform ourselves and adapt to this increasingly competitive economic landscape for both award shows and the journalism marketplace.

"Our Special Committee and team of legal and financial advisors did an incredible amount of work in reviewing, analyzing, and comparing the options presented to us," she said. "We are excited to move forward with a mandate to ensure we continue our support for increasing diversity in all areas and maintaining our life-changing charitable and philanthropic efforts."

The transition will include the development of staff and an executive team to lead the new organization. Additional Golden Globes voters will also be added to increase the size and diversity of the available voters for the annual awards.