The purchase of Wanda’s remaining ownership interest is the next strategic step in Legendary’s long-range growth plan.
Legendary Entertainment has completed a buyout of Chinese conglomerate Dalian Wanda Group’s remaining stake in the movie studio. Legendary did not disclose the financial details of the deal. Following the close of the deal, the company’s board will be evenly split between Legendary’s management and Apollo. In 2022, Apollo invested $760m to acquire a minority stake in Legendary. Wanda acquired a majority stake in Legendary in 2016 for $3.5bn, which was considered China’s largest cross-border cultural acquisition at the time. The studio is known for its Dune and Godzilla franchises.
The buyout was funded completely by Legendary, without any outside financing. Legendary emphasised that it retains “significant excess liquidity” after the transaction to fund its current business and planned expansion. In 2023, the studio secured a five-year, $800m credit facility led by J.P. Morgan.
A statement by Legendary CEO Josh Grode, read: “The purchase of Wanda’s remaining ownership interest is the next strategic step in Legendary’s long-range growth plan. With our outstanding creative team, headed by Mary Parent, developing, producing and marketing high-quality film and television and working with leading artists remains core to our expansion”.
A joint statement by Apollo partners Aaron Sobel and Lee Solomon said: “We are thrilled to expand our relationship with Legendary and further support Josh and Mary and the incredibly talented team. We continue to see Legendary as an outstanding platform for future growth that is well positioned to thrive as the entertainment industry continues to evolve.”
