China's Dalian Wanda Group has officially closed the deal to acquire Dick Clark Productions, maker of the Golden Globes awards show, for $1 billion, the company announced on Friday.

"We are excited to partner with such an iconic company and look forward to supporting the management team as they continue to build the company and expand upon its enormous legacy," Xiaoma Lu, Wanda Investment Company's CEO, said.

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Following the acquisition, Wanda will retain the management team of Dick Clark Productions including its CEO Allen Shapiro, chairman Peter Guber, and president Michael Mahan, who together with other executives, have signed a "long term operation target agreement" with Wanda, the Variety noted.

Meanwhile, in an interview with The Hollywood Reporter, Shapiro is positive that Wanda will help the Dick Clark Productions expand globally. "They are a dominant and aspirational player in media in the fastest-growing media market in the world."

Describing Wanda as an "ideal partner," Mahan also said: "We are confident in our plan to continue to grow the business and Wanda shares our vision and enthusiasm for the future of content ownership."

As for Wanda, the latest acquisition marks its first move in the TV, according to the Economic Times. "It's a big step forward in expanding Wanda's map in the entertainment industry," the company said.

Meanwhile, the recent deal marks Wanda's latest American trophy property. The company has been aggressive in pursuing entertainment assets overseas.

Wanda already owns the no.2 U.S. cinema chain AMC Theaters and has acquired Legendary Entertainment earlier this year for $3.5 billion. It also proposed to acquire its rival Carmike Cinemas for $1.1 billion, which will then make the Chinese company the biggest theater operator across the United States.

Other than Hollywood, Wanda has also agreed to buy UK's biggest theater chain Odeon and UCI Cinema Groups from Terra Firm, which is founded by Guy Hands, for $650 million.

TagsDick Clark Productions, Dick Clark Productions sale, Wanda Group China, Wanda buys Dick Clark