March 13, 2025 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

Cat Rescued From Palisades Fire Gets Outpouring of Support for Medical Recovery

March 12, 2025

March 12, 2025

The cat was found two months after the fire, emaciated and suffering from burns A cat that survived for weeks...

Menendez Family Blasts DA Hochman’s Decision, Calls for Justice in Resentencing Review

March 12, 2025

March 12, 2025

The Justice for Lyle and Erik Coalition Condemns District Attorney Hochman The family of Lyle and Erik Menendez has condemned...

Santa Monica College Among Schools Warned by Department of Education Over Antisemitism Claims

March 11, 2025

March 11, 2025

The letter, issued Monday, cautioned that the schools must uphold their obligations under Title VI of the Civil Rights Act...

Santa Monica Baseball Dominates Centennial, Bounces Back from Recent Loss

March 11, 2025

March 11, 2025

Santa Monica will look to continue its momentum Thursday in a rematch The Santa Monica High School baseball team rebounded...

Evacuation Warnings Issued for LA Burn Areas, PCH Closure Announced as Storm Approaches

March 11, 2025

March 11, 2025

Residents in High-Risk Zones Urged to Prepare for Possible Mudslides Officials have issued evacuation warnings for multiple areas in Los...

First Measles Case of 2025 Confirmed in LA County Amid Growing Outbreak in the United States

March 11, 2025

March 11, 2025

Health Officials Urge Vaccination and Symptom Monitoring for Unvaccinated Residents ​The Los Angeles County Department of Public Health (LACDPH) has...

LA Recovery Officer Unveils “Builders Alliance” to Accelerate Palisades Fire Recovery

March 11, 2025

March 11, 2025

The coalition aimed at expediting rebuilding efforts while reducing costs City officials and developers have unveiled a collaborative effort to...

Deadline Approaches for Fire-Affected Worker, Business and Household Relief Grants

March 11, 2025

March 11, 2025

The relief programs are part of a broader $32.2 million initiative funded through the American Rescue Plan Act and community...

Major Storms Set to Soak Los Angeles as Back-To-Back Storm Systems Poised to Hit Area

March 11, 2025

March 11, 2025

Heavy Rain, Flooding Risks, Mountain Snow Are on the Way ​Los Angeles is preparing for a series of storms expected...

Santa Monica City Council to Discuss Homelessness Strategic Plan and New Police SMART Center

March 10, 2025

March 10, 2025

Public input will be accepted on various agenda items, with discussions scheduled to begin at 5:30 p.m. The Santa Monica...

Holey Moley in Santa Monica Serves up Festive Jameson Whiskey Cocktails for St. Patrick’s

March 10, 2025

March 10, 2025

Whiskey, Guinness & Mini-Golf: Holey Moley’s Irish-Themed Drinks Are Here With St. Patrick’s Day just around the corner, Holey Moley...

More Pacific Palisades Residents Join Lawsuit Against L.A. Over City’s Fire Response

March 10, 2025

March 10, 2025

Residents Expand Legal Action Over City’s Alleged Fire Response Failures Twenty-five additional Pacific Palisades residents have joined a lawsuit against...

Owners of Palisades Villa Seek to Rebuild, Help its Displaced Residents

March 10, 2025

March 10, 2025

The fundraiser states that the loss has left them in a dire financial situation A Pacific Palisades couple who lost...

Palisades Fire Evacuee Identified as Woman Found Dead on Santa Monica Beach

March 10, 2025

March 10, 2025

The Los Angeles County Medical Examiner later determined her cause of death to be blunt force head trauma Authorities have...

Disaster Relief Deadlines Extended Financial Aid Available for Small Businesses and Homeowners

March 10, 2025

March 10, 2025

Grant Opportunities, FEMA Assistance, and Property Tax Relief for Wildfire Survivors LA County and Federal officials have extended the application...