Wanda is owned and run by China’s richest man Wang Jianlin. He aims to bring Hollywood technology and muscle through acquisitions to the Chinese heartland. After the acquisition, he will retain Dick Clark Production’s team.
Extending the ever growing Chinese presence in American held businesses, China’s richest man, Wang Jianlin, has agreed for a $1 billion takeover of Dick Clark Productions, the company that runs the Miss America pageants and the Golden Globe awards.
In a statement today, Wanda, run by Wang Jianlin, stated it would be acquiring all of Dick Clark Productions.
Eldridge Industries, a media investment holding company, is Dick Clark’s owner. Earlier in September the company had disclosed that it was in talks with Wanda.
Wanda already owns AMC Entertainment Holdings and Legendary Entertainment, which co-produced the “Jurassic World”.
In September Wanda had said it would help market Sony Pictures’ films in China as well as co-finance upcoming releases of Sony Corp’s film unit in China.
Stating that the deal was a “first step” into American television content, the company clarified that it would retain Dick Clark’s current management team after the merger.
Earlier in August, Wang had disclosed that he expected to seal a $2 billion deals in the U.S. this year.
He aims to bring Hollywood technology and muscle to China through these acquisitions. He has expressed interest in the “big six” Hollywood studios.
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