LOS ANGELES (CelebrityAccess) — Chinese entertainment property developer Dalian Wanda is reportedly in talks to acquire a controlling stake in events producer Dick Clark Productions.
According to Reuters, a source familiar with the deal said Wanda was looking to bid $1 billion for the TV production company, but noted that the negotiations had not been finalized.
A spokesman for DCP owner Eldridge Industries told Reuters: "Dick Clark Productions and Beijing Wanda Culture Industry Group Co., Ltd., have agreed to enter into exclusive talks with the shared goal of finalizing a mutually satisfactory transaction," but declined to confirm the valuation of the potential agreement.
Wanda Dalian already owns several major US-based entertainment properties, including Legendary Entertainment, co-producer of film hits such as "Jurassic World" and the U.S. cinema chain AMC Entertainment Holdings.
In addition to DCP, Eldridge owns entertainment-facing properties such as Billboard magazine and The Hollywood Reporter. Dick Clark Productions produces high-profile awards shows such as the Golden Globes, Academy of Country Music Awards and the Billboard Music Awards. – Staff Writers