China's Dalian Wanda Group announced its entry into the TV production industry with the $1 billion acquisition of US-based Dick Clark Productions, marking a milestone in the property company's expansion of its entertainment empire.

The deal will give Wanda, owned by billionaire Wang Jianlin, control of the US company that produces various award ceremonies, including the Golden Globe and Billboard Music awards, as well as TV shows such as So You Think You Can Dance.

Industry analysts said owning one of the iconic companies in Hollywood will allow Wanda to gain valued intellectual property rights in the TV industry that generate stable revenues and profits.