China's Dalian Wanda Group Co. is acquiring Dick Clark Productions Inc. for about $1 billion, the company announced Thursday, marking the Chinese conglomerate's first foray into television production.
Wanda has been in talks for several weeks with Dick Clark Productions, which produces several high-profile awards shows, including the Golden Globes and the Academy of Country Music Awards. The company was founded in 1957 and includes rights to more than 20 television programs.
The acquisition places another high-profile U.S. entertainment asset in Wanda's portfolio, which already includes movie-theater chain AMC Entertainment Holdings Inc. and production company Legendary Entertainment. Wanda's moves into Hollywood, which have occurred in just the past four years, have stretched the company far beyond its real-estate origins into cultural industries like movies and television.
Wanda Chief Executive Wang Jianlin traveled to Los Angeles last month to meet with Hollywood executives and deliver a speech outlining China's projected rise to the world's largest box-office market. Mr. Wang, who is China's richest man, has repeatedly said publicly he wants to invest in or own major Hollywood studios.
Wanda is currently constructing a massive development of soundstages, apartments and hotels in Qingdao, China.
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(END) Dow Jones Newswires
November 03, 2016 22:15 ET (02:15 GMT)
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