[UPDATED] Dick Clark Productions Sold to Chinese Company for $1 Billion

[The original version of this story did not specifically indicate the Academy of Country Music Awards is a 50/50 partnership with DCP.]

Chinese company Dalian Wanda Group has purchased Dick Clark Productions for $1 billion, giving them a 100 percent stake in the TV giant that was founded in 1957.

Dick Clark Productions possesses 100 percent of TV rights for music awards shows including the Billboard Music Awards, American Music Awards, and the New Year’s countdown celebration in New York. Additionally, DCP owns 50 percent of TV rights for the Academy of Country Music Awards, with the other 50 percent being owned by the Academy of Country Music.

DCP’s primary revenue stems from them and the long-term agreements it possesses with all the major TV stations.

Dalian Wanda is the world’s biggest owner of movie theaters, with complexes across the United States, Europe and Australia, and it has been spending billions in the entertainment industry to expand its reach. Obtaining top television production rights furthers Wanda’s current focus on the film, tourism, and sports industries.

Once the acquisition is complete, DCP’s management will remain intact and Dalian Wanda has signed a long-term operation agreement with them.