Saturday, April 21, 2012
Dick Clark died of a heart attack on Wednesday at age 82, leaving behind a fortune estimated to be in the hundreds of millions. Clark was one of the first people to marry music and television, and influences of his show, “American Bandstand,” can be seen in TV programs today.
Dick Clark Productions had revenues of over $100 million a year by the time it went public in 1987. In 2002 the production company was taken private for $140 million by a consortium headed by Mosaic Media Group Inc. Clark sold a portion of his 70% stake in the company and reinvested the rest with the new ownership group. Clark stayed on as CEO and accepted $12.50 per share when other shareholders received $14.50.
In 2007, Dan Snyder, the Washington Redskins owner, and his company, RedZone Capital, bought Dick Clark Productions for $175 million. Clark sold the remainder of his stake in the company that same year but stayed connect to the company through his annual New Year’s Eve show appearance.
See Ryan Nakashima, Clark Fortune is in the ‘Hundreds of Millions,’ Associated Press, Apr. 19, 2012.
Special thanks to David S. Luber (Attorney at law, Florida Probate Attorney Wills and Estates Law Firm) for bringing this article to my attention.