Antitrust Law Daily Wrap Up, ANTITRUST NEWS—C.D. Cal.: HFPA says Penske rigged Golden Globes takeover to build Hollywood monopoly, (Jul 29, 2026)

By Martin A. Steinberg, J.D.

Jay Penske and his allies allegedly used a fraudulent acquisition to seize control of the Golden Globes, exclude rival journalists and dominate awards-season advertising.

The Hollywood Foreign Press Association (HFPA) sued Jay Penske, Penske Media Corporation, Gregory Goeckner and the Golden Globe Foundation, alleging that they orchestrated a fraudulent and anticompetitive scheme to acquire the Golden Globes, dismantle the HFPA and consolidate control over Hollywood trade publications, secondary entertainment awards and “For Your Consideration” advertising. The complaint claims Penske and Todd Boehly exploited a 2021 industry boycott to devalue the HFPA, concealed Penske’s involvement in the acquisition, obstructed competing bids and induced HFPA members to approve the transaction through misrepresentations and promises that were later withdrawn. It further alleges that the defendants diverted charitable assets, improperly depleted approximately $4 million from an HFPA reserve and transformed the Golden Globes into a pay-to-play platform that favors Penske-owned publications, data services and entertainment interests. The HFPA asserts federal and state antitrust, unfair-competition, fraud, fiduciary-duty and legal-malpractice claims and seeks rescission of the asset transfers, restitution, treble damages and injunctive relief (Hollywood Foreign Press Association v. Penske, No. 2:26-cv-08288 (S.D. Cal. Jul. 28, 2026)).

Background. The Hollywood Foreign Press Association alleges that Jay Penske, Penske Media Corporation, Todd Boehly and their associates carried out a concealed scheme to acquire the Golden Globe Awards, dismantle the HFPA and consolidate control over interconnected entertainment-industry markets. According to the complaint, Penske Media already controlled leading Hollywood trade publications, several awards shows, an awards-prediction platform and an entertainment-data company. Acquiring the Golden Globes allegedly expanded that influence over awards-season advertising, voting, press access and entertainment coverage.

The HFPA, founded in 1943 to promote foreign journalism and cultural ties through film and television, operated the Golden Globes for nearly 80 years. The alleged scheme began in 2021, when publications allegedly co-owned or controlled by Penske and Boehly, including Variety and The Hollywood Reporter, participated in a media campaign criticizing the HFPA and supporting an industry boycott. The boycott contributed to the cancellation of the 2022 Golden Globes broadcast, damaged the organization financially, and allegedly created the crisis used to justify selling the awards.

Boehly then became the HFPA’s interim chief executive officer while pursuing the acquisition through Eldridge Industries, placing him on both sides of the transaction. The complaint alleges that then-HFPA President Helen Hoehne, working with Boehly, impeded members’ efforts to end the boycott, released NBC and Boehly-controlled MRC from potential liability for failing to broadcast and produce the 2022 ceremony, and promoted the resulting financial peril as a reason to approve the sale. Hoehne allegedly expected and later received a senior, higher-paid position in the new for-profit Golden Globes organization.

The HFPA contends that pervasive conflicts and manipulation tainted the bid process. Boehly allegedly obtained confidential financial information unavailable to other bidders, while his allies dominated a purportedly independent special committee. Competing offers from Pacific Coast Entertainment and Appleby Ventures were allegedly obstructed, disparaged, or withheld from members. Although one competing proposal may have been substantially higher and another would not have required the HFPA’s dissolution, members were presented only with Eldridge’s offer.

Members allegedly received fewer than ten days to review more than 400 pages of transaction documents, could not download or print them, and were effectively prevented from consulting independent counsel. Despite outside counsel’s warnings that the price was low, the process was rushed, and members lacked material information, requests for additional time were denied. Members approved the transaction after being promised five-year employment, benefits, travel opportunities, lifetime Golden Globes voting rights, ceremony tickets and foundation membership. The complaint alleges that many of those promises were later altered, conditioned on employment or abandoned.

The HFPA further alleges that Penske’s involvement was concealed until after the vote. Shortly afterward, Penske and Boehly formed a joint venture, acquired Dick Clark Productions and placed Penske in operational control of the Golden Globes. The agreement was also allegedly amended without member approval so that Eldridge retained approximately $27.5 million in 2023 Golden Globes profits, despite representations to the California Attorney General that approximately $44 million would ultimately pass to the charitable foundation.

Former HFPA General Counsel Gregory Goeckner allegedly helped transfer nearly all HFPA assets to the Golden Globe Foundation despite his conflict arising from his impending appointment as its CEO. After the board retained a $5 million reserve, Goeckner allegedly induced approximately $4 million in unauthorized transfers and then resisted demands for repayment. The HFPA seeks rescission, restitution, damages, and injunctive relief under federal and California law.

Relevant markets. The complaint alleges three relevant markets: (1) Hollywood Trade Publications; (2) Secondary Awards; and (3) Major Entertainment Award FYC advertising (“FYC Advertising”). First, the complaint defines the Hollywood trade-publication market as specialized entertainment-industry publications that provide business news, awards coverage, and advertising platforms relied on by studios, executives, producers, agents, lawyers, and awards voters. These outlets are allegedly distinct from general news publications because of their industry access, trade-specific reporting, and integration of editorial coverage with awards advertising. Penske Media allegedly owns all major publications in this market, including Variety, The Hollywood Reporter, Deadline, IndieWire, Rolling Stone, and Billboard. The HFPA claims this consolidation has left no meaningful substitute and has enabled Penske to restrict competition, influence awards coverage, and impose supracompetitive advertising terms. The HFPA alleges that it and its members participated in this market as foreign journalists and through awards-related editorial and promotional platforms, but were excluded following the Golden Globes acquisition.

The second alleged market consists of “Secondary Awards,” which the complaint distinguishes from the Oscars, Emmys, Grammys and Tonys—the so-called “Big Four.” Unlike the Big Four, which allegedly produce lasting contractual and commercial benefits, Secondary Awards primarily serve as promotional tools and predictors of later Big Four success. They include the Golden Globes, Actor Awards, Billboard Music Awards, American Music Awards, Country Music Awards, Critics’ Choice Awards, and several others. The complaint characterizes the Golden Globes as the most prestigious and commercially valuable Secondary Award because of its audience, advertising revenue, and importance as an Oscar precursor.

Penske Media allegedly owns six of the ten principal Secondary Awards and, after obtaining the Golden Globes, controls more than 80% of the market’s advertising revenue. The complaint contends that Penske-owned awards account for approximately 60% to 70% of Secondary Awards viewership, but an even greater share of revenue because the Golden Globes historically generated between roughly $42 million and more than $100 million in advertising revenue when combined with red-carpet programming. According to the HFPA, Penske used the acquisition to eliminate the HFPA as a competing market participant, exclude its members from the awards circuit and reduce available alternatives.

The third alleged market is FYC advertising, consisting of advertisements and promotional events directed specifically at awards voters. These campaigns are not allegedly interchangeable with general advertising because they are designed to influence voting during defined awards seasons and appear primarily in entertainment trade publications. Penske Media owns the leading publications for such advertising—Variety, The Hollywood Reporter and Deadline—as well as most significant second-tier outlets. The complaint estimates that Penske-controlled publications receive 80% to 90% of FYC advertising revenue.

FYC campaigns allegedly command substantial prices, including up to $250,000 for a full-page Emmy advertisement, between $200,000 and $600,000 for a one-day digital takeover, and millions of dollars for bundled campaigns across publications and awards. The complaint estimates the overall FYC advertising market at approximately $500 million to more than $1 billion annually. Before the acquisition, the HFPA allegedly competed by offering studios direct access to Golden Globes voters through screenings, interviews and press events. Penske’s control of both the awards and the publications that sell advertising surrounding them allegedly eliminated that alternative, increased barriers to entry and enabled higher prices and exclusionary terms.

Causes of action. The HFPA asserts 20 causes of action arising from the acquisition of the Golden Globes and the transfer of HFPA assets to the Golden Globe Foundation. The first eight claims include monopolization and attempted-monopolization claims against Penske and Penske Media, a conspiracy-to-monopolize claim against all defendants, federal and California restraint-of-trade claims, a Clayton Act acquisition claim, and claims for unfair trade practices and unfair competition. The HFPA alleges that the defendants used their control of publications, awards, advertising, data and prediction services to impose pay-to-play conditions, charge supracompetitive prices, exclude rival journalists and eliminate the HFPA as a competitor.

Claims nine through thirteen seek rescission and cancellation of the assignment transferring HFPA assets to the foundation. The HFPA contends that the assignment was unlawful because it furthered the alleged antitrust scheme and was tainted by fraudulent inducement, breaches of fiduciary duty by Helen Hoehne and Todd Boehly, and legal malpractice and fiduciary breaches by Goeckner.

The remaining claims seek a declaration that the assignment is void, allege that Goeckner fraudulently induced the HFPA treasurer to transfer approximately $4 million from the organization’s reserve, and contend that the transfers exceeded the officers’ corporate authority. The HFPA also asserts unjust-enrichment and constructive-trust claims seeking recovery of improperly transferred assets, as well as claims against Goeckner for legal malpractice, breach of the fiduciary duty of care and breach of the fiduciary duty of loyalty.

The complaint seeks at least $150 million in damages, treble and punitive damages, rescission of the assignment, injunctive relief, interest, and attorney fees and costs.

The Case is No. 2:26-cv-08288.

Judge: NA.

Attorneys: Daniel A. Saunders (Kasowitz LLP) for Hollywood Foreign Press Association.

Companies: Hollywood Foreign Press Association; Penske Media Corp.; Golden Globe Foundation

News: Antitrust AcquisitionsMergers CaliforniaNews