April 14, 2021 Breaking News, Latest News, and Videos

Santa Monica-based Dick Clark Production Sells to Chinese Dalian Wanda Group:

Dalian Wanda Group announced Friday that it would buy Santa Monica-based Dick Clark Productions for about $1 billion, which will give it the broadcasting rights to the Golden Globe Awards, the Academy of Country Music Awards and the New Year countdown celebrations in New York.

The move marks a major effort by Dalian Wanda to become a player in the TV production industry while expanding its reach in Hollywood. The firm bought the theater chain AMC Entertainment for $2.6 billion in 2012 and took over Legendary Entertainment this year in a deal valued at $3.5 billion dollars.

Additionally, Wanda is trying to buy Carmike Cinemas through AMC, the Los Angeles Times reported. It also pursued a purchase of 49 percent of Paramount Pictures before Viacom brass scuttled the sale. 

The price agreed to for Dick Clark reflects a substantial premium over the firm’s intrinsic value, analysts told The New York Times. Four years ago, a group of investors led by Guggenheim Partners bought it for $380 million. The firm is currently controlled by Eldridge Industries. 

Dick Clark Productions’ management team is expected to remain in place after the acquisition is completed, Wanda said. China’s interest in Hollywood makes some members of Congress nervous. The Justice Department has been asked to review Wanda’s recent purchases because of fears that the company could have a propaganda interest and be trying to influence how China is portrayed in films.

But Wang Jianlin, the chairman of the Dalian Wanda Group and China’s richest man, told The New York Times in October that his company only wanted to help American film companies increase their market share in China.

in News
Related Posts

Westside Cafe Helping Save Monarch Butterflies

April 13, 2021

April 13, 2021

This Westside cafe is doing its part to keep its namesake insect, the monarch butterfly, safe. Learn more in this...

Junior Lifeguards Returning This Summer

April 13, 2021

April 13, 2021

County-run program returns to LA County beaches July and August  By Sam Catanzaro A few weeks are left for prospective...

Earth Day Beach Cleanup at Santa Monica Beach

April 13, 2021

April 13, 2021

Santa Monica Travel & Tourism organizing April 22 event  On Earth Day next week join a “micro-cleanup” to help beautify...

Six Vendors Released on Citation for Fight at Santa Monica Pier

April 12, 2021

April 12, 2021

Santa Monica police cite and release six people involved in Sunday incident By Sam Catanzaro Six individuals were released on...

City Council Passes New Measure to Meet State Affordable Housing Mandate: Santa Monica Beat – April, 12, 2021

April 12, 2021

April 12, 2021

Local news and culture in under 5 minutes. * City Council Passes New Measure to Meet State Affordable Housing Mandate...

Elon Musk Backs New Santa Monica Tesla Supercharging Station

April 11, 2021

April 11, 2021

Charging station would provide power to over 50 vehicles By Toi Creel A new Tesla supercharging station spearheaded by billionaire...

Edify TV: A Look at a Proposed Westside Homeless Shelter Locations

April 11, 2021

April 11, 2021

Take a look at a collection of Westside properties that a LA lawmaker is proposing bringing homeless shelters to in this...

Santa Monica Lawmakers to Consider Banning Certain Items at Protests

April 8, 2021

April 8, 2021

City Council to take up emergency ordinance next week  By Sam Catanzaro Santa Monica lawmakers will consider banning certain items...

Foster Youth Staffed Cafe Set to Open on Montana Avenue

April 8, 2021

April 8, 2021

La La Land Kind Cafe to open in former Starbucks space  By Toi Creel  A Texas-based cafe that makes an...

Santa Monica Place Getting New Rooftop Restaurant

April 8, 2021

April 8, 2021

LOULOU opening soon at Santa Monica Place By Toi Creel Santa Monica Place is getting a new rooftop restaurant from...

Food Review: An Almost-Essential Westside Sandwich

April 8, 2021

April 8, 2021

Johnnie’s french dip pastrami sandwich in Culver City  By Kerry Slater  While there are far better sandwiches in Los Angeles,...

Edify TV: Brentwood Encampment Reacts to Veteran Homicide

April 8, 2021

April 8, 2021

Last weekend a homeless veteran, just a week away from entering permanent supportive housing, was killed in a vehicular assault....

Knife-Brandishing Suspect in Custody

April 8, 2021

April 8, 2021

Santa Monica police take suspect into custody following Wednesday morning altercation By Sam Catanzaro Santa Monica police took a knife-brandishing...