– This is the script of CNBC's news report for China's CCTV on August 27, Thursday.
Welcome to CNBC Business Daily, I'm Qian Chen.
Ironman is a long-distance triathlon featuring a 2.4 mile (3.86 km) swim, a 112 mile (180 km) bike ride and a 26.2 mile (42.2 km) run, all of which has to be completed in under 17 hours. Ironman hosts 180 events in more than 20 countries, including shorter races.
Now, it looks like this sport will get more popular in China soon.
Chinese property and investment giant Wanda agreed to buy World Triathlon, the U.S. owner of the popular Ironman Triathlon franchise, for more than $650 million.
The deal underscores China's increasing appetite for U.S. media assets. Live events and sports brands are some of the most attractive and fast-growing areas of the media industry.
Dalian Wanda, known for its real estate holdings, has been expanding its media investments outside China in recent years. It bought sports marketing firm Infront Sports & Media, which is based in Switzerland, for 1.05 billion euros ($1.14 billion) in February.
World Triathlon has annual earnings before interest, tax, depreciation and amortization of more than $50 million, sources previously told Reuters.
The company generates revenue from selling licensing for merchandise and is also paid through entry fees, sponsorship and global TV rights.
Dalian Wanda's last major U.S. media investment was its $2.6 billion takeover of AMC Entertainment movie theaters in 2012.
CNBC's Qian Chen, reporting from Singapore.