China’s Wanda buys Dick Clark Productions for $1 billion

China’s Dalian Wanda Group announced on Friday its $1 billion acquisition of Dick Clark Productions, the TV company that produces the Golden Globesand the “Miss America” pageant.

One of China’s most important conglomerates, Wanda already owns AMC Theatres and bought Legendary Entertainment for $3.5 billion in January. It also announced a movie partnership in September with Sony Pictures.

Wanda’s push into the U.S. entertainment industry has raised alarm among some American lawmakers concerned about creative freedom and the promotion of Chinese propaganda. A group of legislators in September asked the U.S. Government Accountability Office to review Chinese takeovers.

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