Legendary American Bandstand host Dick Clark's eponymous production company is the latest venerable American asset to sell to a Chinese bidder.
Chinese billionaire Wang Jianlin announced on Friday that he would pay $1 billion for "So You Think You Can Dance" producer Dick Clark Productions. Wang's other assets include AMC Entertainment Holdings (AMC) and Legendary Entertainment, and he's also held talks to buy a 49% stake in Paramount Pictures from Viacom (VIAB) .
Chinese conglomerates have snapped up American media assets recently. Last month, for example, Alibaba Pictures Group, backed by Alibaba Group Holdings (BABA) , acquired a minority stake in Steven Spielberg's Amblin Partners production company.
Here's a look at some other venerable American-held assets that have attracted interest from Chinese buyers.
Chinese technology company Lenovo Group acquired IBM's (IBM) PC business in 2005 for $1.75 billion. At the time, IBM was the third-largest supplier of PCs behind Dell and Hewlett-Packard (HPQ) . The deal was then the largest-ever foreign acquisition by a Chinese company. Lenovo surpassed its own record easily with subsequent American tech deals, paying $2.91 billion to by Motorola Mobility's smartphone business from Google (GOOGL) and $2.3 billion for IBM's low-power server business in 2014 alone.
The 99-year-old business magazine sold to Hong Kong-based vehicle Integrated Whale Media Investments in 2014. The terms of the deal were not disclosed, but sources told TheStreet sister publication The Deal that the company was valued at $475 million. The deal quickly was mired in controversy, with the Forbes family suing the magazine's new owners alleging delayed payments.
Chinese meat processing company Shuanghui International Holdings paid over $7 billion for Smithfield Foods, the world's largest pork processor and hog producer, in 2013. The deal was expected to attract heavy regulatory scrutiny, with some U.S. lawmakers alleging that China's poor track record of protecting its food supply could threaten U.S. food safety. However, the Committee on Foreign Investment in the United States (CFIUS) cleared the deal with no concessions, and it closed four months after it was announced.
General Electric (GE) originally planned to sell its appliance unit to Stockholm-based Electrolux for $3.3 billion. The deal, announced in September 2014, hit regulatory obstacles, with the Department of Justice filing to stop the transaction as it would leave GE-Electrolux and Whirlpool (WHR) with an overwhelming cooking appliances market share. GE and Electrolux scrapped the deal last December, and barely a month later GE Appliances sold to China's Qingdao Haier for $5.4 billion, a 64% increase.
Swedish car company Volvo was acquired by Ford (F) in 1999 for $6.45 billion. Ten years later, Ford unloaded Volvo to China's Zhejiang Geely Holding Group, one of the largest privately owned carmakers in China, for $1.5 billion, a nearly 80% loss. Although Geely beefed up Volvo's manufacturing prowess, the cars are still made in Sweden.
Shortly before Blackstone Group's (BX) 2007 IPO, China's sovereign wealth fund announced that it would invest $3 billion in the private equity firm. In return, China Investment Corporation (CIC) received a stake under 10% with no voting rights and agreed to hold it for at least four years. CIC paid $29 per Blackstone share, a slight discount over its IPO price, and boosted its stake to 12.5% in the open market soon after. Blackstone closed Friday at $23.54.