The acquisitive Chinese property-to-entertainment group had announced in November it planned to buy Dick Clark Productions, the latest move into Hollywood by a company from China. But Eldridge Industries, the parent of Dick Clark Productions, said in a statement issued in the United States on Friday that the deal was terminated “after Wanda failed to honour its contractual obligations”. Eldridge Industries added that Dick Clark Productions is suing Wanda for funds it is contractually owed upon “failure to consummate the sale.”Reached by phone on Monday, a Wanda spokeswoman declined to comment. The Dick Clark Productions deal would have marked its entry into television production. Dick Clark Productions’ eponymous founder made his name presenting “American Bandstand” for more than 30 years.

Source: Manila Times March 13, 2017 17:11 UTC