Chinese conglomerate Dalian Wanda Group is officially buying Dick Clark Productions for about $1 billion, marking its first play in the TV production industry and expanding its reach in Hollywood. Dick Clark Productions’ management team is expected to remain in place after the acquisition is completed, Wanda said in a brief statement. Dick Clark Productions did not immediately comment on the planned sale. Besides the Golden Globes, Dick Clark Productions produces Academy of Country Music Awards, Billboard Music Awards and “Dick Clark’s New Year's Rockin’ Eve With Ryan Seacrest." Dick Clark Productions was founded 61 years ago by the late television personality and his longtime business partner.

Source: Los Angeles Times November 04, 2016 01:33 UTC