Wang eyes Dick Clark Pro­duc­tions

China Daily (USA) - - TOP NEWS - By CHINA DAILY

Wang Jian­lin, China’s rich­est man, is in dis­cus­sions to ac­quire con­trol of US-based Dick Clark Pro­duc­tions at a val­u­a­tion of about $1 bil­lion through his Dalian Wanda Group Co, ac­cord­ing to a pub­lished re­port.

The Wall Street Jour­nal on Mon­day cited peo­ple with knowl­edge of the sit­u­a­tion as say­ing that Wanda is the lead­ing bid­der for the com­pany, which was founded in 1957 by the late tele­vi­sion per­son­al­ity. It stages some of Hol­ly­wood’s pop­u­lar awards shows, in­clud­ing the Golden Globe Awards and the Amer­i­can Mu­sic Awards.

The Jour­nal re­ported that the Golden Globes at­tracted 18.5 mil­lion view­ers this year, while the 2016 Bill­board Mu­sic Awards drew about 9.6 mil­lion view­ers and the 2015 Amer­i­can Mu­sic Awards drew about 11 mil­lion view­ers. Beauty pageant Miss Amer­ica, an­other event run by Dick Clark Pro­duc­tions, also at­tracts mil­lions of Amer­i­can view­ers.

Wanda owns AMC En­ter­tain­ment Hold­ings Inc, the largest movie theater chain in China and the sec­ond-largest in the US, and movie pro­ducer Leg­endary En­ter­tain­ment. Last week, Wanda an­nounced that it was team­ing up with Sony Pic­tures En­ter­tain­ment Inc to help mar­ket its films in China.

Wang is seek­ing to spear­head the na­tion’s bur­geon­ing leisure in­dus­try by de­vel­op­ing 15 Wanda City projects across the coun­try by the end of the decade. He is pre­par­ing to open his sec­ond Wanda City as he es­ca­lates his ef­forts to fend off Walt Dis­ney Co in China.

He­fei Wanda City, about 500 kilo­me­ters west of the $5.5 bil­lion Shang­hai Dis­ney Re­sort, opened to the public on Satur­day. Be­sides theme park fa­cil­i­ties, the 35 bil­lion-yuan ($5.2 bil­lion) devel­op­ment will in­clude ho­tels, a movie theater, a shop­ping mall and res­i­den­tial apart­ments across 1.6 square kilo­me­ters, ac­cord­ing to Wanda.

Be­hind the wave of theme parks is China’s grow­ing mid­dle class, which is fu­el­ing de­mand for leisure ac­tiv­i­ties. There are about 300 parks in op­er­a­tion al­ready in China with scores more on the way, ac­cord­ing to Mac­quarie Group Ltd es­ti­mates in Jan­uary. The gov­ern­ment pre­dicts the na­tion’s $610 bil­lion tourism in­dus­try will dou­ble over five years.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.