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China’s Wanda Buys Dick Clark Productions for $1 Billion

FILE - Wang Jianlin, chairman of Wanda Group, speaks during a signing ceremony for a strategic partnership between FIBA and Wanda Group in Beijing, June 16, 2016. Wanda Group has purchased Dick Clark Productions for $1 billion.

Chinese conglomerate Wanda Group announced Friday that it has acquired Dick Clark Productions (DCP), an American TV production company, for $1 billion.

DCP owns the television rights to the Golden Globe Awards, the American Music Awards, the Miss America pageant, the New Year’s Eve countdown in New York City’s Times Square and many other programs.

“The acquisition of DCP marks Wanda’s first step into television content, occupying the highest-end global TV program resources from the start,” the company said.

In a statement on its website, Wanda said, “DCP has abundant cash flow with a high level of operation stability and steady profit growth.” The statement said DCP’s management will remain in its entirety after the acquisition is completed.

Wang Jianlin, one of China’s richest men, heads up Wanda.

DCP is the latest stop on Wanda’s takeover of U.S. entertainment properties. Wanda also owns U.S. movie theater chain AMC. It recently purchased Legendary Entertainment — the filmmakers behind the recent Batman trilogy and Jurassic World— for $3.5 billion. It also has business ties with Sony Pictures.

DCP was founded by Dick Clark, best known for hosting the iconic television show American Bandstand for more than 30 years.