China’s richest man is looking to buy yet another famous American entertainment company. Chinese billionaire Wang Jianlin, who owns the Dalian Wanda Group, is in talks to purchase Dick Clark Productions (DCP), which is famous for producing "Dick Clark’s New Year's Rockin’ Eve," the Golden Globe Awards, the American Music Awards and several other high-profile award shows.
“Dick Clark Productions and Beijing Wanda Culture Industry Group Co. Ltd. have agreed to enter into exclusive talks with the shared goal of finalizing a mutually satisfactory transaction,” DCP’s parent company, Eldridge Industries, reportedly said.
The Wanda Group is looking to bid $1 billion for the company, which, if the deal goes through, would be the Chinese conglomerate’s biggest foray into U.S. television assets, reports said, citing sources.
While popular in China as a property developer, the Wanda Group has acquired several entertainment assets overseas ranging from movie theaters to sporting events. Wang’s empire acquired movie producer Legendary Entertainment in early 2016 for $3.5 billion, which was the largest U.S.-China deal at the time, and also owns theater chain AMC Entertainment Holdings Inc., which it acquired in 2012 for about $2.6 billion. It is currently building theme parks to rival Disney’s new amusement park in Shanghai.
DCP was launched in 1957 by the famous broadcaster Dick Clark. Eldridge Industries said earlier that “it was conducting a strategic review of its media holdings.”
Wang is also looking to buy another theater chain, Carmike Cinemas, reports said. If the deal goes through, Wang would be the largest theater operator in the United States. Wang is also set to acquire Odeon & UCI Cinemas Group, Europe’s largest cinema chain, for $650 million.