Dick Clark Productions sale to Wanda Group canceled

Dick Clark Productions owner Eldridge Industries has pulled the plug on its sale to China's Dalian Wanda Group.

Eldridge officials said the $1 billion deal was canceled because the Wanda Group "failed to honor its contractual obligations." According to a person familiar with the matter, Wanda was unwilling or unable to make a reasonable proposal for an extension after being asked.

Dick Clark Productions produces the Golden Globe Awards, American Music Awards and Billboard Music Awards.

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