Dick Clark's estate: 'Hundreds of millions'
Posted April 19, 2012
Dick Clark worked hard all his life. And that work paid off.
Aside from his public persona, he was the workaholic head of a publicly traded company, a restaurateur, a concert promoter and real estate investor. Clark, who died of a heart attack on Wednesday at age 82, left behind a fortune.
"Work was his hobby," Fran La Maina, longtime president of Dick Clark Productions Inc., told AP. La Maina started as the production company's financial controller in 1966. He estimates Clark amassed a fortune that reached into the hundreds of millions of dollars.
"He had this never-give-up attitude," La Maina said. "He was a great salesperson and a taskmaster."
In 2002, reports AP, his Dick Clark Productions, which had gone public in 1987, was taken private for $140 million by a consortium led by Mosaic Media Group Inc. Clark sold a portion of his 70% stake, while reinvesting the rest with the new ownership group and staying on as CEO. He voluntarily accepted $12.50 a share when other shareholders got $14.50. Usually, company founders seek the highest premium in a buyout.
"He wanted to reward the people that were loyal to him and who entrusted him with the stewardship of their capital," said LeRoy Kim, another Allen & Co. managing director who guided the transaction. "He was a different type of entrepreneur. He was an incredible man."
Clark suffered a stroke in 2004 that affected his ability to speak and walk and led to a reduced role at the company.
In 2007, the company was sold again, this time to Washington Redskins owner Dan Snyder and his private equity firm RedZone Capital, for $175 million. Clark sold the remainder of his stake. He remained connected to the company only through his annual appearances on the New Year's Eve show. Over the years, Clark invested in other assets outside the production company, including multiple properties in Malibu.
Latest in Entertainment