HONG KONG (BLOOMBERG, AFP) - Chinese property-to-entertainment conglomerate Wanda Group, controlled by billionaire Wang Jianlin, has bought Dick Clark Productions Inc for US$1 billion (S$1.38 billion).
The purchase will mark the entry of Wanda into the television production industry, according to a statement from the group. Once the acquisition is complete, Wanda said it will retain the full management of Dick Clark Productions.
The purchase will give China's second-richest man control over a company that produces various awards programmes besides the Golden Globes, as well as TV shows such as "So You Think You Can Dance."
It is the latest addition to Wang's growing entertainment empire, which includes its US$3.5 billion acquisition of "Pacific Rim" co-producer Legendary Entertainment earlier this year and US cinema chain AMC Entertainment for S$2.6 billion in 2012.
It also has a 20 per cent share in Spanish football club Atletico Madrid.
Wanda said the Dick Clark 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.