Investor Todd Boehly’s Eldridge and Dick Clark Productions, part of Jay Penske’s media empire, acquired the assets of the Golden Globe Awards from the Hollywood Foreign Press Association.

The association, which has been mired in controversy in recent years, will shut down, according to a statement Monday. Financial terms weren’t released. Funds from the transaction will be given to the newly formed Golden Globe Foundation, which will continue the association’s charitable giving.

“Today marks a significant milestone in the evolution of the Golden Globes,” Boehly, the chairman of Eldridge, said in the statement. Eldridge is also an investor in Dick Clark Productions.

The Hollywood Foreign Press Association, which handed out Golden Globe awards in film and later television for eight decades, has suffered in recent years from revelations about the lack of diversity in its organization and questions surrounding payments to members.

NBC, the longtime broadcast host of the awards, declined to air the 2022 show before bringing it back in January.