SHANGHAI/SAN FRANCISCO China’s Dalian Wanda has concluded a $1 billion takeover of Dick Clark Productions, a association that runs a Golden Globe awards and Miss America pageants, fluctuating a Chinese property-to-entertainment conglomerate’s shopping debauch in Hollywood.
Wanda, run by China’s richest man, Wang Jianlin, pronounced in a matter on Friday it would buy all of Dick Clark Productions, an iconic name in U.S. party that also produces a Academy of Country Music Awards and a Billboard Music Awards.
Dick Clark’s owner, media investment holding association Eldridge Industries, had pronounced it was in talks with Wanda in September. Founded by TV presenter Dick Clark, horde of a “American Bandstand” cocktail song TV uncover from 1957 to 1987, a eponymous organisation went open in 1986 before being taken private 16 years later.
Wanda’s understanding is a latest pierce in a journey into Hollywood. It already owns Legendary Entertainment, co-producer of film hits such as “Jurassic World”, and U.S. cinema sequence AMC Entertainment Holdings Inc (AMC.N). It also has business ties with Sony Pictures and Sony Corp’s (6758.T) film section in China.
The expostulate has lifted regard among some U.S. lawmakers about China’s change in Hollywood and a impact it competence have on media in a United States. Wang has pronounced his proclivity comes from a “business perspective” and not a domestic one.
Wanda pronounced in a matter that a understanding noted a “first step” into radio calm to lay alongside a investments in thesis parks, film prolongation and sport. It combined it would keep Dick Clark’s stream government group after a deal.
In August, Wang told Reuters he approaching to sign dual billion-dollar deals in a U.S. this year. He aims to move Hollywood record and flesh to China, and has voiced seductiveness in a supposed “big six” Hollywood studios.
Wang is now perplexing to attract Hollywood film makers with subsidies to a new prolongation studio in China’s eastern city of Qingdao. Meanwhile U.S. film producers are also looking for a approach into China’s fast-growing cinema market.
Wang predicts a Chinese box bureau would compare a biggest marketplace – a United States and Canada – by 2018, and grow by about 15 percent annually for a subsequent 10 years.
Reuters initial reported in Jun that Eldridge Industries, a U.S. owners of magazines Billboard and The Hollywood Reporter as good as Dick Clark Productions, had hired investment banks to lift out a examination of a media holdings.
An Eldridge deputy was not immediately accessible for criticism outward unchanging U.S. business hours.
(Reporting by Adam Jourdan in SHANGHAI and Liana Baker in SAN FRANSISCO; Editing by Kenneth Maxwell and Christopher Cushing)