Beijing (AFP) – Chinese property-to-entertainment conglomerate Wanda Group is buying the maker of the Golden Globes awards show, US television rights owner Dick Clark Productions, for “approximately $1 billion”, it said Friday.
Wanda has invested heavily in film, buying Hollywood studio Legendary Entertainment earlier this year, and the latest deal marks its entry into television production, it said in a statement, calling it “a big step forward in expanding Wanda’s map in the entertainment industry”.
Dick Clark’s eponymous founder made his name presenting American Bandstand for more than 30 years, and as well as the Golden Globes, the firm owns the television rights to events ranging from Miss America to the New Year countdown in New York’s Times Square.
It also makes the hit series “So You Think You Can Dance” and its lowercase “dc” logo is a common sight in US television.
It describes itself on its website as “the world’s largest producer and proprietor of televised live event entertainment programming” and owning “one of the world’s most unique and extensive entertainment archive libraries”.
Wanda said the acquisition meant it would have the “highest-end” television resources from the beginning of its expansion into the medium.
“Obtaining top television production rights brings about complementary and coordinated development for Wanda’s current focuses on the film, tourism, and sports industries,” it said, adding the present management would remain in place.
Wanda, headed by one of China’s richest men Wang Jianlin, has its roots in commercial real estate development but has diversified widely in recent years into entertainment and sports.
It now describes itself as the world’s biggest movie theatre operator and biggest sports company.
As well as the $3.5 billion acquisition of Legendary Entertainment — filmmakers behind the recent Batman trilogy and Jurassic World — in 2012 Wanda bought US movie theatre chain AMC in 2012 for $2.6 billion, which in turn acquired the London-based Odeon & UCI cinema group in a deal worth around $1.2 billion.
Wanda announced a partnership with “Big Six” studio Sony Pictures in September to invest in movies in which it would “strive to highlight the China element”.
Its sports operation is headed by Philippe Blatter, nephew of ousted FIFA president Sepp, after it bought his Infront company — which holds some broadcasting rights to the football World Cup — for more than 1 billion euros.
It also has a 20 percent share of Spanish football club Atletico Madrid and owns the organiser of Ironman extreme endurance contests.
Wang, 62, is worth $31.6 billion according to the latest Bloomberg Billionaires ranking, putting him behind only Jack Ma, the founder of e-commerce giant Alibaba, in the Chinese wealth stakes.
Wanda had revenues of $44.6 billion last year and assets of $97.6 billion, it said in the statement, adding it aims to double both in the next four years.
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