This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-37869173
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| China's Dalian Wanda buys Golden Globes firm | China's Dalian Wanda buys Golden Globes firm |
| (35 minutes later) | |
| When owning a huge cinema chain is not enough, why not buy the firm behind one of the film and television industry's most high-profile awards as well? | When owning a huge cinema chain is not enough, why not buy the firm behind one of the film and television industry's most high-profile awards as well? |
| China's richest man has continued his Hollywood shopping spree - snapping up the company that runs the Golden Globes. | China's richest man has continued his Hollywood shopping spree - snapping up the company that runs the Golden Globes. |
| Dalian Wanda, run by property magnate Wang Jianlin, is paying $1bn (£800m) for Dick Clark Productions that also runs the Miss America beauty pageant and the Billboard Music Awards. | Dalian Wanda, run by property magnate Wang Jianlin, is paying $1bn (£800m) for Dick Clark Productions that also runs the Miss America beauty pageant and the Billboard Music Awards. |
| The Chinese conglomerate already controls the AMC cinema chain, the second largest in the US, as well as Legendary Entertainment , co-producer of hit films including Godzilla and The Dark Knight Rises, and has a tie-up with Sony Pictures. | The Chinese conglomerate already controls the AMC cinema chain, the second largest in the US, as well as Legendary Entertainment , co-producer of hit films including Godzilla and The Dark Knight Rises, and has a tie-up with Sony Pictures. |
| Studio ambition | Studio ambition |
| It seems that Mr Wang, who sits on a personal fortune of $32.1bn (£26.4bn) according to a recent rich list, really is buying up the US entertainment industry, one step at a time. | It seems that Mr Wang, who sits on a personal fortune of $32.1bn (£26.4bn) according to a recent rich list, really is buying up the US entertainment industry, one step at a time. |
| Many suspect it is just a matter of time until he gets a big chunk of one of Hollywood's big six film studios. Earlier this year he got close to buying a 49% stake in Paramount Pictures from Viacom before the deal collapsed. | Many suspect it is just a matter of time until he gets a big chunk of one of Hollywood's big six film studios. Earlier this year he got close to buying a 49% stake in Paramount Pictures from Viacom before the deal collapsed. |
| Dalian Wanda said the purchase of Dick Clark Productions represented Wanda's "first step" into television production. | Dalian Wanda said the purchase of Dick Clark Productions represented Wanda's "first step" into television production. |
| But long before this deal, some US politicians were already worried about China's influence in Hollywood and the US media - whether that is censoring media or producing pro-Chinese propaganda. In September, 16 members of the US Congress called for greater scrutiny of foreign investments, mentioning Dalian Wanda by name. | But long before this deal, some US politicians were already worried about China's influence in Hollywood and the US media - whether that is censoring media or producing pro-Chinese propaganda. In September, 16 members of the US Congress called for greater scrutiny of foreign investments, mentioning Dalian Wanda by name. |
| Soft power | Soft power |
| Mr Wang has not shied away from his ambition to make China a dominant global force in entertainment and to bring "more Chinese elements" to the output. | Mr Wang has not shied away from his ambition to make China a dominant global force in entertainment and to bring "more Chinese elements" to the output. |
| But he insists he is motivated by a "business perspective" rather than a political one, with China's box office takings predicted to match the US and Canada by 2018 - and to grow by around 15% each year for the next decade. | But he insists he is motivated by a "business perspective" rather than a political one, with China's box office takings predicted to match the US and Canada by 2018 - and to grow by around 15% each year for the next decade. |
| "You cannot try to just make money in the Chinese market and disregard Chinese tastes," Mr Wang said earlier this year. | "You cannot try to just make money in the Chinese market and disregard Chinese tastes," Mr Wang said earlier this year. |
| But there is "soft power" at play here too - using businesses to wield cultural influence over the way China is portrayed. | But there is "soft power" at play here too - using businesses to wield cultural influence over the way China is portrayed. |
| Next year Legendary Entertainment, in partnership with Universal, will release Great Wall - starring Hollywood stars Matt Damon and Willem Dafoe alongside big name Chinese actor Andy Lau and boy-band idol Wang Junkai, | |
| And crucially, it will be the first major Hollywood film, aimed at a global audience, to be set, filmed and produced in China. | And crucially, it will be the first major Hollywood film, aimed at a global audience, to be set, filmed and produced in China. |
| What else does Dalian Wanda own ? | What else does Dalian Wanda own ? |