China's Dalian Wanda Group Buys dick clark productions For $1 Billion
November 4, 2016 at 4:03 AM (PT)
CHINA-based DALIAN WANDA GROUP surprises the entertainment industry and has acquired DICK CLARK PRODUCTIONS, the company that produces THE GOLDEN GLOBES and THE MISS AMERICA PAGEANT, as well as several music-related awards shows. The company previously had a longstanding relationship with the ACADEMY OF COUNTRY MUSIC AWARDS, with it producing THE AMERICAN COUNTRY COUNTDOWN AWARDS beginning in 2014. The purchase price was a reported $1 billion.
USA TODAY reports, "WANDA is one of CHINA’s most important conglomerates, and CHINA’s largest property developer. Its chairman, WANG JIANLIN, is CHINA’s richest man by most measures, with an estimated net worth exceeding $32 billion. The company owns AMC THEATRES and bought LEGENDARY ENTERTAINMENT for $3.5 billion in JANUARY. In SEPTEMBER, it announced a movie partnership with SONY PICTURES." WANDA said in its statement that DICK CLARK PRODUCTIONS’ existing management “will remain in its entirety,” and that both sides had reached a long-term operating agreement.