March 11 03:22
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- Wanda Takeover of Dick Clark Productions Goes Bust
The high profile acquisition of the U.S. producer of the Golden Globe Awards by Chinese real estate giant and entertainment aspirant Dalian Wanda Group has been called off, said Dick Clark, owner of Eldridge Industries.
According to the statement, the transaction was scrapped as Wanda “failed to honor its contractual obligations”. The U.S. entertainment company is suing to recover a $25 million break-up fee.
The purchase would have marked Wanda’s first foray into television production, after a series of far-reaching investments in cinema chains, film production companies, and moving making complexes.