China's Dalian Wanda in talks to buy Dick Clark Productions

Wang Jianlin (C), Chairman of Wanda, holds hands with Tencent Chief Executive Officer Pony Ma (R) and Baidu Inc. Chairman and CEO Robin Li (L), in Shenzhen, Guangdong province, August 29, 2014.
Alex Lee | Reuters
Wang Jianlin (C), Chairman of Wanda, holds hands with Tencent Chief Executive Officer Pony Ma (R) and Baidu Inc. Chairman and CEO Robin Li (L), in Shenzhen, Guangdong province, August 29, 2014.

China's wealthiest man may have his sights set on another American trophy property.

Billionaire Wang Jianlin, who recently cut the ribbon on a $5.1 billion Disney-like theme park, is in talks to purchase Dick Clark Productions, DCP's owner said Monday.

The Wall Street Journal said Wang's Wanda Culture Industry Group is considering a price of up to $1 billion.

The company is the legacy of late television icon Dick Clark, who used his "American Bandstand" music show to catapult his own career as a media mogul. Wang's Dalian Wanda Group owns U.S. theater chain AMC and movie maker Legendary Entertainment, while DCP stages the Golden Globe and American Music Awards shows.

"Dick Clark Productions and Beijing Wanda Culture Industry Group Co., Ltd., have agreed to enter into exclusive talks with the shared goal of finalizing a mutually satisfactory transaction," a spokesperson for Eldridge Industries said in a statement to CNBC. "DCP is controlled by Eldridge Industries which announced last month that it was conducting a strategic review of its media holdings."

The Journal said the talks are in their early stages, and may yet fall through. A competing bidder could also enter the fray, the publication said.