Billionaire Wang Buys Dick Clark Productions for $1 Billion
Billionaire Wang Jianlin’s Dalian Wanda Group Co. agreed to pay $1 billion for Golden Globe Awards producer Dick Clark Productions Inc., adding a U.S. television industry asset to the Chinese tycoon’s expanding sports and entertainment empire.
The purchase will be Wanda’s first entry into television production, Wang’s entertainment, real estate and finance conglomerate said in a statement on Friday. Wanda, which held exclusive talks with Dick Clark Productions’ owner in September, said it plans to keep all of the Santa Monica, California-based company’s management.
The deal, which requires regulatory approval, gives Wanda control of the company’s music and movie awards programs as well as TV shows such as “So You Think You Can Dance.” Wang has been snapping up Hollywood assets and making alliances, agreeing in September to collaborate on movie projects with Sony Corp.’s film unit and buying “Pacific Rim” co-producer Legendary Entertainment for $3.5 billion early this year.
Read full Article here »