3 major entertainment firms merge into new venture, Valence

Three major entertainment industry companies are merging into a new company that will combine film and television production, publishing and hosting of live events.

The new venture announced Thursday is called Valence Media and combines the Billboard-Hollywood Reporter Media Group, dick clark productions and film and television studio MRC.

The Los Angeles-based company said its divisions will retain their own brands and current leadership teams. Its projects will include TV, movies, live and digital entertainment.

Billboard-Hollywood Reporter Media Group hosts events and includes the publications The Hollywood Reporter and Billboard.

Dick clark productions is behind live TV events including the Golden Globes. MRC's projects include "House of Cards."

MRC co-founders Asif Satchu and Modi Wiczyk will lead Valence as co-CEOs. Todd Boehly will serve as its chairman.