Core Media Acquires The Intellectual Property Corp; Relaunches As Industrial Media With IPC CEO Eli Holzman At Helm

Deadline | 8/6/2018 | Nellie Andreeva
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Core Media (American Idol, So You Think You Can Dance) has acquired Emmy-winning television production company The Intellectual Property Corporation and relaunching immediately as Industrial Media. Eli Holzman, founder and CEO of IPC (Leah Remini: Scientology and the Aftermath), will continue in his role there, while also becoming CEO of Industrial Media. Core Media has been without a CEO since Peter Hurwitz exited last fall.

IPC’s president and co-founder Aaron Saidman will join Holzman at Industrial Media as its president, while also remaining in his current capacity as president of IPC. Core’s executive chairman Dennis Miller will remain as chairman of Industrial Media.

Holzman - Industrial - Media - Plans - Company

Holzman will lead Industrial Media with plans to grow the company both organically and through strategic acquisitions and investments, with Miller working side-by-side with him in evaluating M&A opportunities. IPC will continue to operate independently alongside the other labels under the Core umbrella: 19 Entertainment; Sharp Entertainment; B-17 Entertainment; and B-17’s newly formed digital studio, Thumb Candy.

The acquisition signals a turnaround for Core after a tumultuous last few years for the company, which had been acquired by Apollo Management in 2011 and folded into Apollo and 21st Century Fox’s joint venture consisting of Shine Group and Endemol in 2014. With its debt mounting, Core filed for bankruptcy in 2016, set a restructuring plan later that year, and filed suit against Apollo and 21st Century Fox.

Core - Majority - Shareholder - Crestview - Partners

Core is owned by majority shareholder Crestview Partners, Tennenbaum Capital Partners (both lead lenders, who had approved its restructuring plan) and UTA, which helped relaunch American Idol on ABC. Getting Idol back on the air has boosted Core’s financial prospects.

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