Dick Clark Sale Nixed
Eldridge Industries, owner of
PRNewsphoto/Dick Clark Productions Inc. via AP – Dick Clark Productions
Wanda “had agreed to acquire Dick Clark Productions in November 2016.” However, “Eldridge’s affiliate terminated the agreement this week after Wanda failed to honor its contractual obligations.”
The statement added that Eldridge’s affiliate has filed with the Delaware Chancery Court to compel release of escrowed funds.
Wanda, owned by China’s richest man, Wang JianLin, has been considered the most aggressive buyer of DCP, which produces the American Music Awards and Golden Globe Awards, among other vehicles. JianLin in January 2016 bought production company Legendary Pictures, which is soon launching “Kong: Skull Island,” according to The Wrap.
The potential breakup fee is $25 million on top of a $25 million close date extension Wanda paid Eldridge in January, according to Forbes.
The divorce has been attributed to several factors including Wanda’s recent spending habits, new policies implemented by the Trump Administration, a weakened yaun and China stock market scrutiny and, finally, that DCP is not worth the hefty price tag.