China's Dalian Wanda To Buy Dick Clark Productions For $1 Bln

"It's got wonderful growth potential and it sees its investment in Hollywood not just as a place to put money, to make money in America, but as an investment in the Chinese entertainment industry for decades and decades to come".

Billionaire Wang Jianlin's Dalian Wanda Group agreed to pay US$1 billion (S$1.38 billion) for Golden Globe Awards producer Dick Clark Productions, adding a USA television industry asset to the Chinese tycoon's expanding sports and entertainment empire.

The investigative arm of the U.S. Congress has agreed to examine whether a panel that oversees foreign investment in the United States has the legal powers it needs to keep up with efforts by state-owned firms in Russian Federation and China to buy strategic U.S. companies.

Wanda's expanding entertainment and tourism sector spans movie cinemas, theme parks and film production.

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Wanda, which owns massive holdings in shopping malls and cinemas, has been the most aggressive player leading China's charge into the USA entertainment industry.

"It highlighted Wanda's commitment to such a strategy as the property sector is facing a lot of risks and has reached a development ceiling".

Dick Clark Productions is the Chinese conglomerate's first foray into television, according to the Wanda Group, which noted the firm's ownership of the Golden Globes, the American Music Awards and the eponymous New Year's countdown event.

In announcing the deal to buy Dick Clark Productions, Dalian Wanda said that the production company's "management will remain in its entirety", and said it expected "DCP's revenue and profit will show strong increases year by year".

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Wang Jianlin, one of China's richest men, heads up Wanda.

Wanda said the deal is the company's first move in TV. In 2015, Dick Clark's majority ownership was acquired by Boehly's Eldridge Industries. According to a regulatory filing, he paid $3.5 billion despite the fact that it lost $550 million last year-more than it generated in revenue.

Dick Clark Productions was founded by TV presenter Dick Clark, who had hosted the "American Bandstand" pop music TV show from 1957 to 1987.

Wanda is among the Chinese companies that have been spreading money around the industry in the US. The Chinese billionaire is spending an estimated $1 billion on a deal that complements his recent purchases, including deals for the movie theater chain of AMC Entertainment Holdings, Inc.

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