$1 billion deal: China’s Wanda group buying American Dick Clark Productions

Business - Pavan Pandey - Nov 17,2016

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chinas wanda group buying american dick clark productions in 1bn deal

World’s biggest cinema chain operator and Chinese multinational corporation Dalian Wanda Group would acquire an American entertainment production house ‘Dick Clark Productions, Inc.’ for $1 billion. Dick Clark TV Company produces the Golden Globes award, Billboard Music Awards, So You Think You Can Dance, American Music Awards and the “Miss America” pageant. In the year 2012, Wanda Group owned the US cinema Chain AMC Theaters for 2.6 billion and in 2016 American Media Company Legendary Entertainment in $3.5 billion.

According to an estimate Mr. Wang Jianlin, the chairman of Wanda Group, is China’s richest person and his net worth exceeds $32 billion. Wanda Group has completed the acquisition of Dick Clark Productions, moving the Chinese business into the television business for the first time. In the month of March 2016, Wanda Group signed a contract with FIFA to sponsor the next four World Cup Competitions till 2030. Dalian Wanda Group has in spree on spending multibillion-dollar in the entertainment and media industry. It is the world's largest owner of moving picture theaters, with complexes across the Europe, US, and Australia.

Wanda Group said in its statement that Dick Clark Productions Inc. current management team will remain in its completeness and we are expecting to find ways to bring together growth between Dick Clark Production Inc. and its former contracts in movies, awards, sports, and tourism. According to the Chinese company statement, “they are thrilled to be the partner with such an iconic corporation and look forward to assisting in building the company and mounting up its massive legacy in the entire world”, for the reason that nowadays Wanda Group is focusing upon the film, sports and tourism industries,”. It also declared by Wanda Group a film partnership with Sony Pictures Entertainment in the month of September.