Chinese property developer Dalian Wanda is looking into an acquisition of the American entertainment company Dick Clark Productions, the US firm said.
A statement from Eldridge Industries, which controls Dick Clark Productions, does not specify on the investment involved in the talks, but reports from the Wall Street Journal and the Hollywood Reporter suggest around one billion US dollars.
Dick Clark Productions is behind some major entertainment events in the US including the Golden Globe Awards, the American Music Awards, the Miss America beauty pageant and the Billboard Music Awards.
The deal, Wanda's first with one of Hollywood's so-called 'Big Eight' film studios, is a major milestone for the giant as it attempts to transform itself into a heavy-hitter in the global entertainment industry.
Wanda has expanded aggressively overseas, snapping up a string of assets in the world of entertainment, especially in Hollywood, in recent years.
Wanda's roadmap to a Hollywood player:
- Last week: Wanda announced plans to invest in Sony Pictures.
- August: Wanda signed a partnership agreement with North American entertainment giant IMAX Corporation to open cinemas in China.
- July: Wanda was reportedly in talks to buy a stake in one of the 'Big Eight' US film studios, Paramount Pictures.
- May: Wanda launched operations at its first theme park - a 3.4 billion US dollar project in Nanchang - in an bid to compete with 'big six' studio Disney, which opened its own 5.5 billion US dollar resort in June, its first in mainland China.
- January: Wanda acquired US production company Legendary Entertainment for 3.5 billion US dollars. Wanda's founder Wang also financed the movie 'Spotlight' which won the Oscar for best picture this year.
- 2012: Wanda bought US movie-theatre chain AMC Entertainment for 2.6 billion US dollars, which in turn acquired the London-based Odeon & UCI cinema group in a deal worth around 1.2 billion US dollars.