China’s Wanda ups push into Hollywood
CHINESE conglomerate Wanda is considering ramping up its push into Hollywood with the acquisition of the production company behind the Golden Globes.
Eldridge Industries, which controls Dick Clark Productions, said discussions with Wanda were part of a move to conduct a “strategic review” of its media holdings.
“Dick Clark Productions and Beijing Wanda Culture Industry Group Co, Ltd, have agreed to enter into exclusive talks with the shared goal of finalising a mutually satisfactory transaction,” Eldridge said.
Although it did not disclose financial aspects of the talks, The Wall Street Journal said the price discussed could be a US$ 1 billion or so.
Owned by one of the country’s richest men, billionaire Wang Jianlin, Wanda is seeking to shift its focus from property to services and entertainment as profits wane in China’s real estate sector.
Wanda would be a main contender for Dick Clark Productions, which bills itself on its website as “the world’s largest producer and proprietor of televised live events”.
The company’s productions include the American Music Awards, the Miss America beauty pageant, Billboard Music Awards and the Golden Globe Awards.