CBS Inks Massive Five-Year Deal with Golden Globes – Hollywood’s Favorite Awards Show Returns!

Only a couple of years ago, the Golden Globe Awards were on the brink of losing Hollywood’s support. However, they now have a new permanent home, or at least for the next five years.

This Monday, CBS declared a new five-year contract to broadcast the Globes and live stream it on Paramount+, solidifying the show’s revival after a period of controversy and reformation. The fresh agreement will take effect from the next year’s telecast.

Previous year, CBS decided to broadcast the Globes following the end of their long-standing partnership with NBC. CBS did this under a one-year contract. The telecast in January attracted 9.4 million viewers according to Nielsen data, marking a 50% rise compared to the last year’s show on NBC. The network also confirmed that the show was the third most live-streamed CBS special event on Paramount+ in terms of reach.

Despite the success, this year’s Globes viewership was considerably lower than in 2019. Like many other award shows, the Globes have also encountered rating difficulties. The host, comedian Jo Koy, faced significant criticism for his performance. Nevertheless, CBS seemed satisfied with the overall results.

Other than the Globes, CBS also airs the Tonys, Grammys, and Emmys (the latter in rotation with other networks). The network is hopeful that the Globes’ reputation as Hollywood’s biggest party and its status as the most significant award ceremony honoring both film and TV will persist.

George Cheeks, the president and CEO of CBS, said in a statement, “CBS’ cooperation with the Globes for this year’s broadcast was a significant triumph for both parties and set a strong pace for awards shows in 2024. The Globes is a unique live event that adds another high-profile special and valuable promotional platform to CBS’ annual calendar.”

The financial details of the new contract were not revealed. However, according to some insiders, the license fee under the previous one-year contract was less than $10 million, plus a portion of the ad revenue collected by CBS. This is far less than the roughly $60 million that the Globes received under their previous multi-year agreement with NBC in 2018.

The five-year agreement with CBS represents what could be the final step in the revival of the recently controversial show. A couple of years back, the Globes were embroiled in controversy after a 2021 Times investigation revealed a lack of diversity in the Hollywood Foreign Press Assn. and raised issues regarding its ethics and financial practices. The show was collectively shunned by stars, and NBC took it off the air for a year, casting doubt on its future.

However, after implementing a series of comprehensive reforms that transformed the awards internally and externally, the HFPA was disbanded, and the organization became a for-profit enterprise. As a result, the industry welcomed back the Globes and the marketing opportunity it offers.

On announcing the new deal, the Globes’ new co-owner Jay Penske, chairman and CEO of Penske Media and Dick Clark Productions, recognized the show’s recent turbulent history.

Penske, who co-owns the Globes with billionaire investor Todd Boehly’s Eldridge Industries, said in a statement, “CBS supported the Globes during a challenging period and inherently understood its value, while having the vision, creativity, and belief to broadcast this iconic show on its many platforms. We have always admired CBS’ commitment to some of the greatest cultural live events, and partnering for the long-term further strengthens this show’s esteemed legacy and remarkable place in history.”

Even before this year, CBS had its own history with the Globes. In the 1980s, the network broadcasted the show for two years before discontinuing it due to controversy following a surprise nomination for actress Pia Zadora, which raised ethical concerns.

Golden Globes President Helen Hoehne, in a statement, sought to conclusively move on from the past, branding the CBS deal as “a significant milestone for the Globes. We are incredibly proud of the audience we garnered in 2024 and are eager to build upon the immense success to make the 82nd annual Golden Globe Awards the best and most memorable show yet.”

Staff writer Stephen Battaglio contributed to this report.