Chinese entertainment giant Dalian Wanda will be keeping $1 billion in its pocket after a proposed deal to purchase Dick Clark productions fell through.
Dick Clark Productions owner Eldridge Industries said in a statement today that one of its affiliates pulled the plug on the agreement, “after Wanda failed to honor its contractual obligations.”
“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,” reads the statement.
Dalian Wanda has been pushing its entertainment efforts in recent years — it already owns AMC Theaters — so it made sense when the company announced the deal in Nov. 2016.
It’s an attractive target: Whoever controls Dick Clark Productions also has control over ABC’s New Year’s Eve programming as well as shows like the American Music Awards, Academy of Country Music Awards, the Golden Globe Awards, and the Miss America pageant.