China’s Dalian Wanda Group is continuing its pursuit of big entertainment properties in the U.S. This time it’s set its sights on the production company started by the late Dick Clark.
CCTV America’s May Lee reports.
China\'s Wanda Group in talks to acquire Dick Clark Productions for $1BChina's Dalian Wanda Group is continuing its pursuit of big entertainment properties in the U.S. This time it's set its sights on the production company started by the late Dick Clark. CCTV America's May Lee reports.
Billionaire Wang Jianlin is in discussions to acquire control of Dick Clark Productions at a valuation of around $1 billion. Earlier this year, Wanda acquired Legendary Entertainment, producer of blockbusters including “Jurassic World” and “Pacific Rim”, for a whopping $3.5 billion.
But Wanda is on a mission to build a global entertainment empire. In 2012, it bought U.S. movie theater operator, AMC Entertainment for $2.6 billion. Then, in January of this year, AMC bought Carmike Cinemas-creating the largest theater chain in the world.
According to Adam Aron, CEO of AMC Entertainment Holdings, Wanda has been nothing but good for business.
“Wanda, in particular, has been a spectacular shareholder, extraordinarily enlightened, interested in our growth, interested in making movie theaters better for movie goers,” Aron said.
Wanda is nowhere near done with acquisitions in Hollywood. The company has been aggressively pursuing a movie studio. Recently it was vying for a 49 percent stake in Paramount, but Viacom, the parent company, shelved plans to sell. So now the question is – who is next on Wanda’s wish list?
Einar Tangen on Dalian Wanda’s Hollywood ambitions
For more on Dalian Wanda’s Hollywood ambitions, CCTV America’s Karina Huber spoke to current affairs commentator Einar Tangen.