China’s Wanda Group has finalized a deal to buy Dick Clark Productions, marking its entry into TV production.

Wanda has acquired a 100% stake in the company that produces the Golden Globes, the Billboard Music Awards, the American Music Awards, Dick Clark’s New Year’s Rockin’ Eve With Ryan Seacrest and other special events for approximately $1 billion, the Chinese conglom announced on Thursday. Negotiations had grown in intensity over the past couple of months between Wanda and DCP — controlled by former Guggenheim Partners president Todd Boehly’s Eldridge Industries — after a year’s worth of talks.

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