15:34 GMT +323 October 2019
Listen Live
    A general view shows the skyline of a central business district in Beijing

    China’s Entertainment Tycoon Confirms End of Deal to Buy Dick Clark Productions

    © AFP 2019 / WANG ZHAO
    Get short URL
    0 55

    China’s property and entertainment mogul Wang Jianlin confirmed Wednesday his Dalian Wanda firm had given up the acquisition of Hollywood's Dick Clark Productions over an investment regulation dispute.

    MOSCOW (Sputnik) — Speaking with the Financial Times news outlet, Wang admitted Chinese regulators had objected to a $1-billion deal that would have been the biggest outward investment this year.

    "Policies have changed on both sides, so we gave up the acquisition," the businessman told the daily. "Both countries have changed their policy. Some people in the United States did not agree with our acquisitions, and some of the policies in China are changing."

    He did not name those in the United States who opposed the acquisition of the TV production company, but the news outlet said several Congress members had questioned China’s growing influence in US media.

    Wang said Dalian Wanda had paid $50 million to Dick Clark Productions’ owner Eldridge Industries in fees for the deal’s cancellation and was going to invest the money into building a multibillion-dollar film production studio at home.


    India to Rejoin Talks for Eastern Economic Corridor With China
    Why China's Economy is Likely to Benefit From Korean Standoff
    Mainland China's Economy Accelerates in Q1, Brightens Global Outlook
    US Wants China to Use Economic Leverage Against North Korea for Denuclearization
    Dick Clark Productions, Hollywood, Wang Jianlin, United States, China
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik