Legendary Entertainment, the studio behind major film franchises like Dune and Godzilla, has successfully bought out Wanda Group’s remaining equity interest, marking a pivotal move in the company’s ownership structure.
The buyout was funded entirely with Legendary’s own cash reserves, without the need for external financing. This means that Legendary is now fully owned by its management team and affiliates of Apollo Global Management, which acquired a $760 million minority stake in the company in 2022.
In a statement released on Monday, Legendary assured it has “significant excess liquidity” to support its ongoing business and future expansion plans. These efforts are set to include increased film and television production, as well as the development of new intellectual property.
Last year, the company secured an $800 million credit facility through a five-year agreement led by J.P. Morgan, further strengthening its financial footing.
CEO Praises Wanda’s Support
Legendary’s CEO, Josh Grode, expressed gratitude to Wanda Group, praising them as “an outstanding and supportive shareholder” since their acquisition of Legendary in 2016. Grode called the buyout of Wanda’s remaining stake a key strategic move in the company’s long-term growth plan.
“With our exceptional creative team, led by Mary Parent, our focus remains on producing and marketing high-quality films and television content,” Grode added. He emphasized that working with top-tier artists continues to be central to Legendary’s expansion strategy.
A Historic Acquisition and Future Plans
Wanda Group, a Chinese conglomerate, originally acquired Legendary in January 2016 in what was then the largest cross-border cultural acquisition by China. Legendary East, the Beijing-based division, has been instrumental in marketing and distributing major releases from the studio, including the Dune and Godzilla films. Despite the change in ownership, Legendary East will continue operating as the company’s office in China.
Legendary’s films have earned over $20 billion at the global box office, with 2024 shaping up to be its most profitable year yet. Dune: Part Two grossed $714.4 million worldwide, while Godzilla X Kong: The New Empire brought in $571.8 million.
Looking ahead, the company has a robust slate of films in the pipeline, including A Minecraft Movie starring Jason Momoa and Jack Black, the live-action-animation hybrid Animal Friends featuring Ryan Reynolds, Momoa, Aubrey Plaza, and Dan Levy, and a Street Fighter adaptation. Other notable projects include an untitled film directed by Alejandro G. Iñárritu, starring Tom Cruise, and additional collaborations with Dune director Denis Villeneuve and the Monsterverse series.
With a focus on creative innovation and strategic growth, Legendary Entertainment is positioning itself for continued success in the global entertainment industry.
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