The Chinese conglomerate Dalian Wanda Group has finalized a $1bn deal to buy Dick Clark Productions, the company announced on Thursday.
Dalian Wanda, a real estate and entertainment corporation owned by a billionaire who has aggressively pursued US film companies in recent years, said it had acquired a 100% stake in Dick Clark production “marking Wanda’s entry into the television production industry”.
Earlier this year the conglomerate opened a theme park to rival Disney’s new Shanghai attraction, calling its site Wanda World.
The Chinese firm said the American company’s management “will remain in its entirety” and that Wanda “has signed a long-term operation target agreement with the management”.