Whoa! Dick Clark Productions Sold for an Eye-Popping $1 Billion

Nov 3, 2016  •  Post A Comment

Dick Clark Productions (DCP), best known for producing the Golden Globes telecast, as well as the American Music Awards, the Academy of Country Music Awards, “Dick Clark’s Rockin’ New Year’s Eve” special and Fox’s “So You Think You Can Dance?”, has just sold for the astounding price of $1 billion, reports Variety.

The buyer is the Chinese conglomerate Wanda Group.

The story notes that in 2007 DCP sold for about $175 million, and then was sold again five years later in 2012 for $370 million, “ a price that at the time many thought was inflated,” Variety writes.

The Wanda Group, also known as Dalian Wanda, “is a Chinese multinational conglomerate corporation and the world’s biggest private property developer and owner and the world’s largest cinema chain operator, owning Wanda Cinemas and the Hoyts Group,” according to Wikipedia, which adds, “The company operates in four major industries—commercial property, luxury hotels, culture and tourism, and department stores.”

The Variety story adds, “Wanda said the deal is the company’s first move in TV. ‘It’s a big step forward in expanding Wanda’s map in the entertainment industry,’ the company said.

“Wanda said the management team at Dick Clark Productions, lead by CEO Allen Shapiro, will remain intact and that executives have signed ‘long term operation target agreement[s]’ with Wanda.”

To read more details about this story we urge you to click here, which will take you to Variety’s original piece.







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