Chinese real estate and media conglomerate Dalian Wanda Group has purchased Dick Clark Productions (DCP) for US$1 billion, buying a 100% stake in the producer and proprietor of live event entertainment programming.
The move marks Wanda’s first foray into the televisions production industry.
Following the completion of the acquisition, DCP’s current management team, which is led by CEO Allen Shapiro, will remain in its entirety.
For its part, DCP will give Wanda access to over 20 renowned TV rights, including the Golden Globe Awards, the American Music Awards, the Billboard Music Awards, the Academy of Country Music Awards, and Dick Clark’s Rockin’ New Year’s Eve special, the majority of which are owned indefinitely. It’s from these broadcasting rights that DCP draws its primary revenue, and it has long-term agreements with all the major TV stations.
In a statement, Wanda said that DCP has an abundant cash flow with a high level of operation stability and steady profit growth.
“As broadcast right fees for art and sports programs increase in the U.S., DCP will further improve its performance and company values,” the statement reads.