Legendary Entertainment has sold a $760 million equity stake to Apollo, the companies announced on MondayThe pact gives the investment giant a minority ownership position in the studio behind “Dune” and “Godzilla vs.
Kong.” In July, Variety broke the news that Legendary was exploring a possible sale and merger and had abandoned an earlier plan to merge with a special purpose acquisition company (Spac).Wanda, which bought Legendary in 2016 for $3.5 billion, will continue to have a stake in the company.
However, much of the money that Apollo is investing will be used to pay off Wanda, which will move control of the company away from Chinese conglomerate.
As part of the deal, Legendary’s management team will gain equity in the company and will have an opportunity to participate in an equity incentive plan.“It was important to us to find a business partner who believed in our growth story,
Read full article