The Hollywood Foreign Press Association (HFPA) has sold off all assets and rights for the Golden Globe Awards, following controversy that has hit the ceremony in recent years.

The major US show, which typically kicks off awards season in Hollywood, has been acquired by Dick Clark Productions (DCP) and asset management company Eldridge, marking a winding down of the HFPA.

While A-listers returned to the Golden Globes earlier this year, the 2022 event was held in private, with no TV broadcast and winners announced on social media – and many choosing not to publicly acknowledge their successes.

The HFPA had vowed to overhaul its bylaws and implement changes addressing ethics and inclusion following controversy over a lack of diversity among its members.

Now, it has been announced that DCP and Eldridge have acquired all of the Golden Globes‘ assets, rights, and properties from the HFPA, with a statement adding saying the transaction would “result in the wind down of the HFPA and its membership”.

“The proceeds from the transaction, plus the existing resources of the HFPA, will transition into a newly formed Golden Globe Foundation which will continue the legacy HFPA’s history of entertainment-related charitable giving,” the statement said.

The annual Golden Globes ceremony will now be planned and produced by DCP and Eldridge.

“We are excited to close on this much anticipated member-approved transaction and transition from a member-led organisation to a commercial enterprise,” said HFPA president Helen Hoehne.

DCP chief executive Jay Penske added: “As stewards of the Golden Globe Awards, our mission is to continue creating the most dynamic awards ceremony on live television viewed across the world.

“We have a great team in place to grow this iconic brand and captivate new and existing audiences to celebrate the very best in television and motion pictures.”

The financial details of the transaction have not been revealed.

The next Golden Globes ceremony is due to take place on 7 January 2024.