Dalian Wanda Group, a Chinese entertainment giant, has decided to scrap its takeover bid for Dick Clark Productions, Variety reported Wednesday.
The entertainment trade magazine described the development as a “casualty of the Chinese government’s efforts to curb the flow of capital out of the country.”
On this side of the Pacific, the $1 billion buyout also had its share of political detractors.
Key lawmakers of both parties in recent months had urged the federal government to more closely scrutinize the Wanda Group, including Senate Minority Leader Chuck Schumer, New York Democrat, and Rep. John Culberson, Texas Republican and chairman of a House subcommittee that oversees the Commerce Department.
Dick Clark Productions is responsible for television production for the Golden Globes and a variety of other awards shows as well as the Miss America pageant. Acquiring the company was widely seen as a move by Dalian Wanda Group to expand into television from its traditional portfolio of movie theater chains, studios and production companies.
• Ken Shepherd can be reached at kshepherd@washingtontimes.com.
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