Dick Clark Hollywood Production Terminated the $1 Billion Deal of China’s Dalian Wanda Group

Eldridge Industries, which is owner of the Dick Clark Productions in the United States, has revealed new information. The declaration was pertaining to one of their many affiliates. The company declared on Friday that one such affiliate has terminated and ended an agreement, which was about selling the TV production firm to the China conglomerate Dalian Wanda Group.

Eldridge Industries is also the owner of popular magazines like Billboard and the Hollywood Reporter. The company stated that the reason the affiliate ended the agreement was due to the fact that Dalian Wanda Group had failed to honor and comply with certain obligations mentioned in the contract that had to be abided by both the parties.

For the past few months, the market and industry all over the world have been observing severe tensions that are rising between China and the United States. In addition to this, Beijing had also initiated a tight and rigorous scrutiny of all of its deals that were supposed to be outbound. In the month of February, Reuters had reported that Dalian Wanda Group had laid a proposal of a handsome sum of 1 billion dollars to purchase Dick Clark Productions due to some sort of pressure and this pressure still persists over the company. The situation of pressure has been aggravated because of the tension and scrutiny.

Dick Clark Productions is a profitable company that is very popular for its contributions in the operations and executions of global events and functions like Golden Globe Awards as well as many beauty pageants (for example, the Miss America pageant). The juggernaut, Dalian Wanda had consented to the takeover of Dick Clark Production in the month of November in the year 2016. The primary objective behind this acquisition was that that Dalian Wanda Group wanted to extend and expand its entertainment and property sectors and the conglomerates of the purchase spree in the coveted Hollywood.

Dalian Wanda Group functions and executes under the able guidance and mentorship of Wang Jianlin, who is the richest and the wealthiest man in the entire China. In addition to his contributions to the progress and growth of Dalian Wanda Group, he is also the owner of the legendary entertainment company, which is the co-producer of some classic and very popular films like Jurassic World. He is also the owner of the cinema chain AMC Entertainment Holdings in the United States.

 

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