The following is an excerpt from Ciro Scotti | November 7, 2016 | Thefiscaltimes.com |
China is about to own New Year’s Eve in New York.
A Chinese billionaire is buying Dick Clark Productions, which owns Dick Clark’s Rockin’ New Year’s Eve as well as other big-name properties such as the Golden Globes, the Country Music Awards and the Billboard Awards. The price tag is about $1 billion, although The Wall Street Journal says it has recently been valued at considerably less.
Now hosted by Ryan Seacrest, the Dick Clark show has been broadcast for more than 40 years and has become a New Year’s Eve tradition for many at home and in Times Square watching the countdown to the next year as the iconic ball drops.
The buyer is Dalian Wanda Group Co., which is controlled by Wang Jianlin, described by Bloomberg Businessweek as the second-richest man in Asia.
The New York Times says relatives of powerful government officials hold or have held significant stakes in the Wanda Group, which is becoming a player in Hollywood. In January, it bought Legendary Entertainment for $3.5 billion, and it unsuccessfully tried to buy a piece of Paramount Pictures earlier this year. In 2012, it bought AMC Theaters for $2.6 billion.
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