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Dalian Wanda shells out $1 bln for Dick Clark Productions

Friday, November 04, 2016 - 01:10

China's Dalian Wanda has agreed to $1 billion takeover of Dick Clark Productions extending its Hollywood buying spree. Bobbi Rebell reports.

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Chinese real estate and entertainment giant, Dalian Wanda, taking over Dick Clark Productions for $1 billion. This is the latest in Wanda's crusade into Hollywood. It already owns Legendary Entertainment, co-producer of "Jurassic World", and U.S. cinema chain AMC Entertainment Holdings. It also has business ties with Sony. With Dick Clark Productions, Wanda gets control over, among others, Golden Globe awards and Miss America pageants. Liana Baker covers the story for Reuters. (SOUNDBITE) LIANA BAKER, REUTERS CORRESPONDENT, (ENGLISH) SAYING: "Wanda just aggressively is trying to roll up a lot of assets in Hollywood. They don't want to just buy a few small things. They're trying to really create a Hollywood empire that could maybe be exported back to China." Wanda's pursuits have raised concerns among some U.S. lawmakers. They're worried about China's influence in Hollywood and the impact it might have on media in the United States. But Wanda's owner, China's richest man, Wang Jianlin, says, his motivation comes from a "business perspective" and not a political one.

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Dalian Wanda shells out $1 bln for Dick Clark Productions

Friday, November 04, 2016 - 01:10