Wanda Group Buys Dick Clark Productions For $1 Billion

Posted: Nov 4 2016, 7:22am CDT | by , Updated: Nov 4 2016, 7:29am CDT , in Latest Business News


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Wanda Group Buys Dick Clark Productions for $1 billion
Photo Credit: Getty Images

The Chinese Wanda Group enters television production in the United States.

China's Dalian Wanda Group announced today the acquisition of a 100% stake in Dick Clark Productions, Inc. for about $1 billion USD. The deal is marking Wanda's entry into the television production industry.

Founded in 1957, Dick Clark Productions is a well-known American TV production company owning over 20 famous TV rights, including the Golden Globe Awards, the American Music Awards, the Billboard Music Awards, the Academy of Country Music Awards, and the New Year's countdown celebrations in New York.

The majority of the rights that Dick Clark Productions owns are for an indefinite period. The company's primary revenue stems from the broadcasting rights of these ceremonies, and it has long-term agreements with all the major TV stations. The Dick Clark Productions has abundant cash flow with a high level of operation stability and steady profit growth said Wanda in a statement. As broadcast right fees for art and sports programs increase in the U.S., Dick Clark Productions will further improve its performance and company values.

The acquisition of Dick Clark Productions marks Wanda’s first step into television content, occupying the highest-end global TV program resources from the start. Obtaining top television production rights brings about complementary and coordinated development for Wanda’s current focuses on the film, tourism, and sports industries.

After the acquisition is completed, Dick Clark Productions' management will remain in its entirety. Wanda has signed a long-term operation target agreement with the management.

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