Dick Clark Productions Bought By Chinese Company For $1 Billion

A Chinese company buys Dick Clark Productions for $1 billion.

Dalian Wanda Group will own broadcasting rights to the Golden Globe Awards, the Academy of Country Music Awards and the New Year countdown celebrations in New York.

CBS News reports Wanda owns AMC Theaters and Legendary Entertainment, which it bought for $3.5 billion in January. Wanda also has a movie partnership with Sony Pictures.

CNBC reports the Justice Department has been asked to review Wanda's recent purchases due to fears the company could be trying to influence how China is portrayed in films, because of the company's ties to Chinese Communist leaders.

Wanda told The New York Times it wants to help American film companies increase their share in the Chinese market.