Company led by former academy president offers to buy the Golden Globes

The offer includes paying Hollywood Foreign Press Assn. members an annual salary of $120,000, guaranteed for five years, along with a one-time $100,000 “Pandemic Relief Grant” and establishing a $5-million-a-year endowment, according to a term sheet reviewed by The Times.

“The HFPA and its financial advisors have laid out a process to review proposals from any interested parties,” HFPA spokesman James Lee said. Under terms laid out in Pacific Coast Entertainment’s term sheet, the firm would contribute 20% of its HFPA-related revenue to support the association’s ongoing operations including, “the development of its web and social media presence, research support for Members, professional development, marketing/communications support, management of its foundation, and other activities of the Association.”

However, the compensation plan is likely to raise further questions about the HFPA, already under scrutiny for a variety of apparent conflicts of interest. The remuneration of members as outlined in the deal will essentially make them employees of the HFPA and, therefore, paid Golden Globes voters.the nonprofit association paid its members nearly $2 million for serving on committees and performing other tasks.

Source: News Formal (newsformal.com)

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