'Legendary Entertainment Buys Out Wanda's Remaining Ownership Stake In New Era For Studio' - Deadline

https://deadline.com/2024/10/legendary-entertainment-buys-out-wanda-remaining-stake-1236115120/

Legendary Entertainment has completed a buyout of Wanda Group's remaining equity interest in a move CEO Josh Grode said ushers in a new era for the studio.

Financial terms weren't disclosed but Legendary said it funded the transaction entirely from cash on its balance sheet for the deal led by Grode, without tapping partner Apollo Global. Legendary and Apollo now co-own the company and the board will be evenly split between management and the private equity giant that invested $760 million in Legendary in 2022.

Chinese conglomerate Wanda acquired the studio in 2016. "I think they were in a position where they needed some capital [and] the opportunity arose for us to buy Wanda's interest at a valuation that would be very accretive to both management and Apollo. And so, as a result, we were able to get a transaction done," Grode tells Deadline.