The Hollywood Foreign Press Association has sold the rights, assets, and properties of its Golden Globe Awards to new owners, closing a chapter for the struggling nonprofit.

Dick Clark Productions and Eldridge Industries, a holding company owned by investor Todd Boehly, announced their purchase of the awards show on June 12.

The Foreign Press Association will transition to an entertainment-related charitable organization, according to the announcement.

“We are excited to close on this much anticipated member-approved transaction and transition from a member-led organization to a commercial enterprise,” the press association’s president, Helen Hoehne, said in the announcement.

The new for-profit owners stated that they plan to continue creating a dynamic awards ceremony and live broadcast of the annual event to recognize American and international film and television.

The Hollywood Foreign Press Association's Golden Globe statuette is seen with its red velvet-lined, leather-bound chest during a press conference in Beverly Hills, Calif., on Jan. 6, 2009. (Fred Prouser/Reuters)

“We have a great team in place to grow this iconic brand and captivate the new and existing audiences to celebrate the very best in television and motion pictures,” Jay Penske, CEO of Penske Media and Dick Clark Productions, said in the announcement.

Ratings for the annual awards show, founded in 1944, have plummeted since the beginning of the COVID-19 pandemic. The show drew only 6.3 million viewers this year on NBC while also streaming live on Peacock, making it the least-watched Golden Globes telecast in history, according to Forbes.

The show wasn’t broadcast in 2022 after an exposé in the Los Angeles Times accused the Hollywood Foreign Press Association of ethical lapses and a lack of diversity. Hollywood boycotted the event and NBC declined to air it.

Boehly said in the announcement that the new owners plan to expand the diverse and international voting body and implement a professional, safe, and accountable environment for the organization.

“Today marks a significant milestone in the evolution of the Golden Globes,” he said.

A scaled-down awards show broadcast in 2021 attracted 6.9 million viewers. The show drew its largest audience in 2004, when 26.8 million viewers tuned in, according to Nielsen Media Research, the industry’s primary source of television ratings.

Proceeds from the sale will be combined with existing association funds to form the Golden Globe Foundation to continue giving to entertainment-related charities.

The 81st Annual Golden Globe Awards is scheduled for Jan. 7, 2024.

This is the latest Hollywood shakeup for the entertainment industry this year.

The announcement follows a recent decision by Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) members to authorize a strike if negotiations with studios and streaming services fail by the end of the month.

The writer’s union strike continues as negotiations with the Alliance of Motion Picture and Television Producers remain stalled.