Dalian Wanda Group Halts $1 Billion Dick Clark Production Deal

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Dalian Wanda Group may withdraw its $1 billion deal to buy Dick Clark Productions. Originally, the dead was meant to go through, but it was delayed in February due to China’s effort to limit capital flight. Beijing officials were afraid that the country’s capital reserves would deplete if companies use cash to buy properties outside of China.

Wanda Group is also facing financial issues from last year’s multiple acquisitions, including a $3.5 billion bid for Legendary Entertainment. If the company backs out from the deal, Wanda group will most likely have to pay a substantial fee for Dick Clark.

Source: Deadline

 

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