The much-ballyhooed $1-billion deal to sell Dick Clark Productions to China’s Dalian Wanda Group is headed for collapse, say three people familiar with the matter who were not authorized to speak publicly.
China’s Wanda Group has completed a deal to buy Dick Clark Productions, the company that produces the Golden Globes, the Billboard Music Awards, the American Music Awards, Dick Clark’s New Year’s Rockin’ Eve With Ryan Seacrest and other special events for approximately $1 billion.
China’s Wanda Group is contemplating a deal that could give it control of Dick Clark Productions, which broadcasts the Golden Globes, the American Music Awards, Dick Clark’s New Year’s Rockin’ Eve With Ryan Seacrest and other splashy events.
Wanda’s latest purchase is the fourth-largest Chinese investment in the United States, according to Dealogic, a financial information provider. Wanda, whose chairman, Wang Jianlin, is one of China’s richest businesspeople, has expanded rapidly into the film industry. It bought the U.S. cinema chain AMC in 2012 and is developing an $8 billion studio complex in eastern China.