Golden Globes go to China

Golden Globes: The Dalian Wanda Group,  the  real-estate conglomerate owned by Chinese billionaire Wang  Jianlin, has  finalised deal to buy the American entertainment production company Dick Clark Productions in its entirety  for $1bn, it announced yesterday. 
The acquisition is the Group’s third significant deal in the US entertainment sector in a year after it paid $3.5bn for the California-based Legendary Entertainment in January and $650m for AMC Theaters (headquartered in Kansas) in July, but this  is its first foray into television.  “Obtaining top television production rights brings about complementary and coordinated development for Wanda’s current focuses on the film, tourism, and sports industries,” the Chinese firm said. The American company’s management team “would remain in its entirety”, it added, and that they had signed “a long-term operation target agreement with the management.”
While a group of US Congressmen have already accused Wang of being one of Beijing’s “state champions” earlier this year, the Chinese tycoon prefers to see himself as an angel investor who can help struggling US entertainment companies capitalise on the huge Chinese market. He is on record as saying that he intends to increase Dalian Wanda’s share of the world’s movie theatre  seats from 13% to 20% by the end of the decade.
Wang is also in a struggle for with Disney for domination of the Chinese theme park sector and has made clear his intention to be operating 20 parks across China by 2020. Earlier this year, Wang, who is worth around £23bn according to Forbes, wants to open six more theme parks in the next three years and have 15 in China by 2020. The first of these – the 200-ha Wanda Cultural Tourism City – opened in Nanching in September and features what is claimed to be the highest and longest roller coaster in the country. It has  also infuriated senior Disney officials after Captain America and Snow White were spotted milling around with guests on the opening day.
Wang is defiant. ‘This craze for Mickey Mouse and Donald Duck is over, the period when we would blindly follow where Disney led has been gone for years,” he said. “A tiger cannot take on a pack of wolves.”

Source: theguardian