Dalian Wanda Seals Its $1 Billion Deal To Buy Dick Clark Productions
With the sale, Dick Clark Productions will Wanda an appearance in the world of extravagant live events, including the Golden Globe Awards, and the arrangement for impromptu TV productions.
In a statement, Wanda said that the deal is a big step forward in expanding the company's map in the entertainment industry. The deal is also the company's first move in television, Wanda said.
The Dick Clark Productions was led by its Chief Executive Officer Allen Shapiro. According to Wanda, the Management Team of Dick Clark Productions will stay together and that the executives have agreed to a "long term operation target agreement" with the Wanda Group.
Wanda said, "DCP has abundant cash flow with a high level of operation stability and steady profit growth. As broadcast right fees for art and sports programs increase in the U.S., DCP will further improve its performance and company values. 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 perfection of the sale between the two companies, the management of DCP will go on in its entirety. DCP's profit and revenue will display strong upturns year by year.
As of this date, the Wanda Group already owns the AMC Theaters and Legendary Entertainment. It has also planned to acquire Carmike Cinemas which will subsequently produce the world's largest exhibitor.
In 2012, the Guggenheim Partners bought Dick Clark Productions for $370 million which during that time, many thought that the price was exaggerated.
On the other hand, DCP was acquired by Dan Snyder's RedZone Capital Management in 2007 for about $175 million.
Dick Clark Productions has produces the Globes, the American Music Awards, the Academy of Country Music Awards and numerous awards franchises including ABC's perennial "Dick Clark's Rockin' New Year's Eve" special. The company hasalso produces several reality series such as Fox's "So You Think You Can Dance".
Wanda Groupor Dalian Wanda, on the other hand,is a Chinese multinational conglomerate corporation and the world's biggest private property developer and ownerand the world's largest cinema chain operator, owning Wanda Cinemas, and the Hoyts Group.
The company operates in four major industries-commercial property, luxury hotels, culture and tourism, and department stores. It was established in Dalian, Liaoning and is now headquartered in Beijing.
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