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Dalian Wanda Group buys Dick Clark Productions

China's richest man's Hollywood ambitions

China’s richest male only bought an iconic American party company.

In a pierce that had been approaching for months, billionaire Wang Jianlin‘s Dalian Wanda Group bought Dick Clark Productions for a whopping $1 billion.

The understanding outlines a Chinese company’s initial pierce into television. Dick Clark Productions produces a Golden Globe Awards, American Music Awards and Billboard Music Awards, among others.

“It’s a large step brazen in expanding Wanda’s map in a party industry,” a association pronounced in a matter announcing a deal.

It is a latest in a fibre of deals by large Chinese companies seeking to enhance their Hollywood footprint.

Just final month, Alibaba owner Jack Ma assimilated army with executive Steven Spielberg to furnish and discharge cinema in China and a rest of a world.

Wanda kicked off 2016 by paying $3.5 billion to buy Legendary Entertainment, a studio behind “Jurassic World” and “Interstellar.”

Related: China’s richest male value $22 billion

The Chinese firm also entered into a “mutually profitable deal” with Sony Pictures in Sep that will, among other things, see Wanda swing new change over certain big-budget films constructed by a studio in an bid to maximize a seductiveness to Chinese moviegoers. And Wanda has owned AMC Theaters given 2012.

The flourishing seductiveness in Hollywood has stormy some U.S. lawmakers. In a new letter, 16 members of Congress suggested a merger of American party companies should be theme to some-more scrutiny. The minute questioned either a clarification of inhabitant confidence should be “broadened to residence concerns about promotion and control of a media and ‘soft power’ institutions.”

In an talk with CNN in September, Wang discharged those concerns, observant that a United States exports distant some-more media and cinema to China.

“Although a series of Hollywood productions shown here is really limited, they comment for some-more than half a market,” he said. “It’s some-more like Hollywood change in China than a other approach around.”

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