DCP Purchase Reportedly Collapses

The purchase of Dick Clark Productions by Chinese conglomerate Dalian Wanda for $1 billion is reportedly off the table.

AP Photo – Dick Clark
The “world’s oldest teenager” rings in the New Year from New York’s Times Square.

Although DCP owner Eldridge Industries still expects the deal to close according to one insider, the deal has collapsed because of problems with getting currency out of China, according to The Wrap. Speculation that Donald Trump’s administration would not approve the deal was apparently not a primary reason for the shift, according to sources.

“The Chinese government now has a system in place for evaluating the price being paid,” one source told The Wrap regarding the $1 billion price tag.

“It was just too high,” the person said, adding that DCP won’t be moving to China because of currency controls.