GREENWICH: The $1 billion deal between Dalian Wanda Group and Dick Clark Productions owner Eldridge Industries has fallen through.
The potential deal was announced in November and had a scheduled closing date of January 17. Wanda failed to meet that deadline and extended it to February 28, which it also did not meet; the deal has now been called off.
A statement from Eldridge Industries reads: “Eldridge Industries announced today that one of its affiliates has terminated its agreement to sell Dick Clark Productions to the Dalian Wanda Group. Wanda had agreed to acquire Dick Clark Productions in November 2016.
“Eldridge’s affiliate terminated the agreement this week after Wanda failed to honor its contractual obligations. Eldridge’s affiliate also has filed with the Delaware Chancery Court to compel release of the balance of escrowed funds to which it is contractually entitled given Wanda’s failure to consummate the sale.”
Eldridge is seeking a $25 million termination fee and previously received $25 million from an escrow fund from Wanada.