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Tags: china | firm | buys | dick clark | productions

Chinese Firm Buys Dick Clark Productions For $1 Billion

Chinese Firm Buys Dick Clark Productions For $1 Billion

Dick Clark in 2003 (AP)

By    |   Thursday, 03 November 2016 10:30 PM

Dick Clark Productions is being bought for about $1 billion by Dalian Wanda Group, a major Chinese firm looking to make inroads into the American entertainment industry.

Wanda is headed by China's richest man, Wang Jianlin, and intends to acquire 100 percent of the television production company, the Los Angeles Times reports.

Talks began in September and the deal was announced on Thursday.

Wanda purchased AMC Entertainment, the second-largest theater chain, in 2012 and Legendary Entertainment earlier this year, the Times reports. The company also is attempting to buy Carmike Cinemas and made an unsuccessful bid for 49 percent of Paramount Pictures.

"DCP has abundant cash flow with a high level of operation stability and steady profit growth. As broadcast right fees for art and sports programs increase in the U.S., DCP will further improve its performance and company values," Wanda said in a statement, according to Variety.

"Obtaining top television production rights brings about complementary and coordinated development for Wanda’s current focuses on the film, tourism, and sports industries."

Wanda has close ties to the Chinese government, which concerns many American lawmakers who fear the communist country will try to influence content in American entertainment.

American movies already have been edited for the Chinese market, and in some cases have been changed at the script level before even being shot, giving the Chinese editorial control over what moviegoers in the West see.

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Dick Clark Productions is being bought for about $1 billion by Dalian Wanda Group, a major Chinese firm looking to make inroads into the American entertainment industry.
china, firm, buys, dick clark, productions
233
2016-30-03
Thursday, 03 November 2016 10:30 PM
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