​$1bn bid for the owner of the Golden Globe TV

China's Dalian Wanda has pulled out of a $1bn bid for the owner of the Golden Globe TV and film awards, according to the US firm's parent company.

A clampdown by the Chinese government on overseas investments is thought to be to blame.

Eldridge Industries, the owner of Dick Clark Productions which runs the Golden Globes, said Wanda had failed to "honour its contractual obligations".

It added Dick Clark Production was suing Wanda for funds it was owned.

Dalian Wanda is run by China's richest man and property magnate Wang Jianlin. The company has yet to comment on the issue.

The aborted deal was the latest in a number of entertainment acquisitions by the Chinese conglomerate, which already controls the AMC cinema chain, as well as Legendary Entertainment.

The Dick Clark Productions deal would have marked the group's entry into television production.

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