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Dalian Wanda's attempts to buy Dick Clark Productions halted

Wang Jianlin
Acquisition   Eldridge Industries released a statement...

Chinese billionaire Wang Jianlin has seen his attempt to buy U.S. entertainment firm Dick Clark Productions thwarted after its parent company accused his Wanda Group of "failing to honour contractual obligations".


Dalian Wanda had bid $1bn to buy the entertainment company and the deal was originally expected to close in February.

The acquisition had run into difficulties at the beginning of the year, but there were hopes that an extension would be granted in order to finalise the deal.

The Chinese conglomerate's owner Jianlin is known as the richest man in the country, and has been keen to spread his empire into the U.S. entertainment business.

Eldridge Industries released a statement to confirm that it could not wait any longer for the deal to go through.

"Eldridge's affiliate terminated the agreement this week after Wanda failed to honor its contractual obligations," the holding company said.

"Eldridge's affiliate also has filed with the Delaware Chancery Court to compel release of the balance of escrowed funds to which it is contractually entitled given Wanda's failure to consummate the sale."


 

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