Dick Clark Productions Seeks $25M For Busted Wanda Deal

Law360, Wilmington (March 10, 2017, 6:56 PM EST) -- Citing an "incalculable loss," the owners of Dick Clark Productions asked Delaware's Chancery Court Friday to order the handover of a $25 million termination fee by a Chinese conglomerate that failed to complete a $1.07 billion purchase of the American entertainment company.

Dalian Wanda Group Co. Ltd. agreed to buy Dick Clark Productions in October 2016 but missed a final Feb. 28 purchase deadline, according to the complaint filed by DCP Funding LLC, an affiliate of Dick Clark owner Eldridge Industries, against Wanda affiliate Diamond Acquisitions Holdings Corp.

Wanda already had paid a $25 million penalty to Dick Clark out of...

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