Wanda Acquires Dick Clark for $1 billion, Entering into TV Production

Dalian Wanda Group announced on November 4 the acquisition of a 100% stake in Dick Clark Productions, Inc. (DCP) for approximately $1 billion, marking Wanda's entry into the television production industry. It’s a big step forward in expanding Wanda’s map in the entertainment industry.

Founded in 1957, DCP is a well-known American TV production company possessing over 20 famous TV rights, including the Golden Globe Awards, the American Music Awards, the Billboard Music Awards, the Academy of Country Music Awards, and the New Year's countdown celebrations in New York. The majority of the rights that DCP possesses are for an indefinite period. The company's primary revenue stems from the broadcasting rights of these ceremonies, and it has long-term agreements with all the major TV stations. DCP has 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 acquisition of DCP marks Wanda’s first step into television content, occupying the highest-end global TV program resources from the start. Obtaining top television production rights brings about complementary and coordinated development for Wanda’s current focuses on the film, tourism, and sports industries.

After the acquisition is completed, DCP’s management will remain in its entirety. Wanda has signed a long-term operation target agreement with the management. DCP’s revenue and profit will show strong increases year by year.