China’s Wanda ups push into Hol­ly­wood

The Myanmar Times - - International Business -

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.

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