March 10 Eldridge Industries, the U.S. owner of
Dick Clark Productions Inc, said on Friday that one of its
affiliates terminated an agreement to sell off the TV production
company to Chinese conglomerate Dalian Wanda Group.
Eldridge, which also owns magazines such as the Billboard
and the Hollywood Reporter, said the affiliate terminated the
agreement after Wanda failed to honor contractual obligations.
In February, Reuters reported that Dalian Wanda's proposed
$1 billion purchase of Dick Clark Productions was under pressure
but not yet over, amid high U.S.-China tensions and tight
scrutiny by Beijing on outbound deals.
Dalian Wanda, in November, had agreed to a takeover of Dick
Clark Productions, the company that runs the Golden Globe awards
and Miss America pageants, extending the Chinese
property-to-entertainment conglomerate's buying spree in
Wanda, run by China's richest man Wang Jianlin, already owns
Legendary Entertainment, co-producer of films such as "Jurassic
World", and U.S. cinema chain AMC Entertainment Holdings Inc
(Reporting by Aishwarya Venugopal in Bengaluru; Editing by