China’s Dalian Wanda has agreed to pay US$1 billion for Dick Clark Productions, the company that runs the Golden Globe awards and Miss America pageants.
Wanda, run by China’s richest man, Wang Jianlin, will buy all the shares of the US company, which also produces the Academy of Country Music Awards and the Billboard Music Awards, Reuters reports, citing a company statement.
Dick Clark’s owner, media investment holding company Eldridge Industries, had said it was in talks with Wanda in September.
Founded by TV presenter Dick Clark, host of the American Bandstand pop music TV show from 1957 to 1987, the firm went public in 1986 before being taken private 16 years later.
The deal is the latest in the Chinese property-to-entertainment conglomerate’s buying spree in Hollywood.
It already owns Legendary Entertainment, co-producer of film hits such as Jurassic World, and US cinema chain AMC Entertainment Holdings Inc.
It also has business ties with Sony Pictures and Sony Corp.’s film unit in China.
The drive has raised concern among some US lawmakers about China’s influence in Hollywood and the impact it might have on media in the United States.
Wang has said his motivation comes from a “business perspective” and not a political one.
In its statement, Wanda said it would keep Dick Clark’s current management team after the deal.
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