Wanda is expected to finalize the sale by the end of the week. The acquisition would mark yet another aggressive move into Hollywood for the Chinese real estate and entertainment conglomerate. DCP would give Wanda a presence in the world of glitzy live events, such as the Golden Globe Awards, and the infrastructure for unscripted TV production.
Wanda already owns AMC Theaters and Legendary Entertainment, and is planning to acquire Carmike Cinemas, which would create the world’s largest exhibitor.
Guggenheim Partners bought Dick Clark Productions in 2012 for $370 million — a price that at the time many thought was inflated. More recently, the company was spun off from Guggenheim to Eldridge Industries.
In 2007, DCP was acquired by Dan Snyder’s RedZone Capital Management for about $175 million.
DCP is best known for producing the Globes, the American Music Awards, the Academy of Country Music Awards and several other awards franchises, as well as ABC’s perennial “Dick Clark’s Rockin’ New Year’s Eve” special. It also produces reality series such as Fox’s “So You Think You Can Dance?” DCP recently struck a deal with ABC to produce “For the Record Live” specials involving soundtracks to well-known films.
But the company in recent years has struggled to produce successful new programs. Industry observers were shocked when word surfaced last month that Wanda was considering such a high valuation for the company.
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