The Golden Globe Awards were sold on Monday to a new owner who will shut down the Hollywood Foreign Press Association (HFPA), the voting group that faced controversy over ethical lapses and a lack of diversity.

A press release stated that Eldridge Industries purchased the Golden Globe properties along with Dick Clark Productions (DCP), which will continue to manage the broadcast of the awards and will focus on growing the Globes’ viewership worldwide. DCP is co-owned by Eldridge and Penske Media.

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The sale comes as the HFPA struggles to repair its reputation following Hollywood’s backlash over its ethics and lack of diversity, which led US television network NBC to drop the Golden Globes ceremony in 2022.

A Los Angeles Times investigation in 2021 revealed that there were no black journalists in the organization’s ranks. Some members were accused of making sexist and racist remarks and asking celebrities and movie studios for help.

Dick Clark Productions and Eldridge acquired the Golden Globes. Read more: pic.twitter.com/eqZHcHE6c8

– Golden Globe Awards (@goldenglobes) June 12, 2023

The HFPA responded by expanding and diversifying its membership and established new ethics policies.

Todd Bohly, president of Eldridge Industries, aims to turn the HFPA, a nonprofit organization of international entertainment journalists hired workers, into a for-profit enterprise. A spokesman said all 310 existing voters would be eligible to vote for the next ceremony in January 2024.

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“Today marks an important milestone in the evolution of the Golden Globes,” Bohli said in a statement.

NBC plans to re-air the Globes in 2023. No network has yet signed on to run the 2024 event.

Financial terms of the deal, which was approved by California’s attorney general, were not disclosed.