Deals
Billionaire Wang Agrees to Buy Dick Clark Productions for $1 Billion
- Deal marks Wanda’s entry into television production industry
- Entire management of Dick Clark Productions to be retained
Wang Jianlin, chairman and president of Dalian Wanda Group.
Photographer: Tomohiro Ohsumi/BloombergThis article is for subscribers only.
Billionaire Wang Jianlin’s Dalian Wanda Group Co. agreed to pay $1 billion for Golden Globe Awards producer Dick Clark Productions Inc., adding a U.S. television industry asset to the Chinese tycoon’s expanding sports and entertainment empire.
The purchase will be Wanda’s first entry into television production, Wang’s entertainment, real estate and finance conglomerate said in a statement on Friday. Wanda, which held exclusive talks with Dick Clark Productions’ owner in September, said it plans to keep all of the Santa Monica, California-based company’s management.