China’s Wanda to Buy Dick Clark Productions for $1 Billion

BEIJING: Dalian Wanda Group is purchasing Dick Clark Productions (DCP) for approximately $1 billion, marking its entry into the TV production business.

The U.S. production company holds rights for a slew of high-profile live events, including the Golden Globe Awards, the American Music Awards, the Billboard Music Awards, the Academy of Country Music Awards and the New Year’s countdown celebrations in New York. The majority of the rights that DCP possesses are for an indefinite period.

Wanda signed a long-term operation target agreement with the management, and after the acquisition is completed, DCP’s management will remain in place.

The move into TV production holdings for Wanda complements its existing businesses in the film, tourism and sports industries.