Chinese property and entertainment conglomerate Dalian Wanda Group Co on Friday announced its $1 billion acquisition of US-based Dick Clark Productions Inc, further expanding its influence in Hollywood.

The purchase marks the entry of Dalian Wanda into the TV production industry. The deal will give Dalian Wandan, owned by Chinese billionaire Wang Jianlin, the control over a company that produces various award ceremonies, including the Golden Globe Awards, Billboard Music Awards, as well as TV shows such as So You Think You Can Dance.

In its statement, Dalian Wanda said it will retain the entire management of Dick Clark Productions. It also said that it has signed a long-term operation contract with the management team and DCP's revenue and profit will show strong increases year by year.

The purchase of Dick Clark Productions is the latest addition to Wang's growing entertainment empire since his takeover of US cinema chain AMC Entertainment Holdings Inc and film studio Legendary Entertainment.