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Friday, November 4, 2016

WANDA SEALS
$1B DCP DEAL

China conglom Wanda has finalized its $1 billion acquisition of Dick Clark Productions from Todd Boehly’s Eldridge Industries, the company announced today. DCP’s management “will remain in its entirety,” Wanda said in its announcement of the sale.

DCP produces the American Music Awards, Dick Clark’s New Year’s Rockin’ Eve With Ryan Seacrest, The Golden Globes and other television shows.

Deadline reported that bidding for DCP was competitive with multiple Chinese and American companies making offers. One was Comcast, which owns NBC and airs The Golden Globes, and has been looking for a music awards show. (The AMAs and Rockin’ Eve have long-term deals at ABC).

Boehly acquired DCP from his former employer Guggenheim Partners after he left that company last year with a portfolio that included DCP, Billboard and The Hollywood Reporter. Guggenheim paid $380m for DCP in 2012.

Wanda CEO Wang Jianlin has been looking to invest in Hollywood properties, including a film studio.

 
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