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Wanda in predicts buy Golden Globes producer – Berita Daily

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SAN FRANCISCO (US): Chinese conglomerate Wanda is considering ramping up its push into Hollywood when using the purchase of your production company behind the Golden Globes, america firm said Monday.

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Eldridge Industries, which controls Dick Clark Productions, said discussions to trade this company to Wanda were an important part of moving to conduct a “strategic review” of its media holdings.

“Dick Clark Productions and Beijing Wanda Culture Industry Group Co, Ltd., have decided to access exclusive talks while using the shared goal of finalizing a mutually satisfactory transaction,” Eldridge said from a statement.

Although this hadn’t disclose immediate and ongoing expenses of the talks, reports while in the Wall Street Journal and the Hollywood Reporter said the price tag discussed is usually a billion dollars or possibly even longer.

The Journal and Reporter cited unnamed sources.

Owned by on the list of country’s richest men, billionaire Wang Jianlin, Wanda is looking to get to shift its focus from property to services and entertainment as profits wane in China’s property sector.

Wanda is a main contender for Dick Clark Productions, which bills itself on its website as “the world’s largest producer and proprietor of televised live event entertainment programming.”

The company’s productions add some American Music Awards, the Miss America beauty pageant, Billboard Music Awards, and the Golden Globe Awards.

The news reports stressed that talks with Wanda were in the very early stage, which has a potential out the door cost undetermined.

Goal: Major Hollywood player

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Wanda announced plans this morning to fund movies produced by Sony Pictures under a binding agreement that moves the business more detailed its objective of to become a major Hollywood player.

The movie deal, Wanda’s first and among Hollywood’s so-called “Big Six” studios, was a major milestone to the conglomerate simply because it efforts to transform itself to a heavy-hitter from the global entertainment industry.

Wanda has expanded aggressively overseas, snapping up a string of assets in Europe along with the United States recently.

In January, the corporation acquired US production company Legendary Entertainment for US$3.5 billion. Wanda’s founder Wang also financed the movie “Spotlight” which won the Oscar for most satisfactory picture this year.

The company has also pursued numerous deals within the international sports arena, such as purchasing the Iron Man triathlon, but Wang makes it clear he has his sights intent on Hollywood.

In July, Wanda was reportedly in speaks to get hold of a stake in another “Big Six” US film studio Paramount Pictures.

The company’s buying spree reaches up to brick-and-mortar investments: It bought US movie-theater chain AMC Entertainment this year for US$2.6 billion, which will acquired the London-based Odeon & UCI cinema group in the deal worth around US$1.2 billion.

Wanda has also a partnership agreement with North American entertainment giant IMAX Corp. to spread out cinemas in China.

In May it launched operations at its first theme park – a US$3.4 billion project in Nanchang – within an bid to contend with “big six” studio Disney, which opened a unique US$5.5 billion resort 30 days later, its first in mainland China.

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