Dalian Wanda continues Hollywood investment with Dick Clark Productions purchase

The company owned by China's richest man is making another foray into the Western television industry, as Wang Jianlin's Dalian Wanda group has announced plans to take over the entertainment firm behind the Golden Globe Awards.

Dick Clark Productions will come under the control of Dalian Wanda, the company announced on Friday after having already acquired Legendary Entertainment for $3.5bn earlier this year.

The purchase of DCP will cost the conglomerate around $1bn, as it will take over a 100% stake.

The company was founded in 1957 and owns the television rights for a marge number of awards ceremonies in the entertainment industry.

A statement from Dalian Wanda said that the merger represented a big opportunity for the growth of the company.

"The majority of the rights that DCP possesses are for an indefinite period. The company's primary revenue stems from the broadcasting rights of these ceremonies, and it has long-term agreements with all the major TV stations," the statement read.

The statement went on to refer to the acquisition of DCP as "a big step forward in expanding Wanda's map in the entertainment industry."

Wang Jianlin's company has a wide reach within the global entertainment and sports industry, having bought large stakes in football clubs such as Atletico Madrid, and both AC and Inter Milan. It has also been reported to be considering a bid for martial arts franchise the Ultimate Fighting Championship.