China’s Richest Man’s $1 Billion Buy of Dick Clark Productions May Have Fallen Apart
Chinese conglomerate and cinema chain operator Dalian Wanda’s proposed $1 billion purchase of Dick Clark Productions has fallen apart, online entertainment news website The Wrap reported on Monday, citing unnamed sources.
Wanda, run by China’s richest man, Wang Jianlin, said in early November that it would buy all of Dick Clark Productions, the company that runs the Golden Globe awards and Miss America pageants.
The deal collapsed over problems getting currency out of China and regulatory approval from the Chinese government, The Wrap said.
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Wanda already owns Legendary Entertainment, co-producer of film hits such as “Jurassic World,” and U.S. cinema chain AMC Entertainment Holdings (AMC). It also has business ties with Sony Pictures and Sony Corp’s (SNE) film unit in China.
The Dick Clark takeover had raised concerns among some U.S. lawmakers about China’s influence in Hollywood and the impact it might have on U.S. media, although Jianlin had said his interest in the company stemmed from business and not politics.
While sources also told Bloomberg in a report published on Tuesday that Wanda has faced obstacles moving funds out of China, the deal has not officially been called off, they added.
Dick Clark Productions and Dalian Wanda were not immediately available for comment. Dick Clark’s owner, media investment holding company Eldridge Industries, was also not immediately available for comment.