Legendary Entertainment buys out Wanda’s remaining stake

Legendary Entertainment, the company behind the Dune and Godzilla franchises, said it has completed a buyout of Wanda Group’s remaining equity interest.

Legendary funded the buyout with cash on its balance sheet without outside financing. This means the company is now owned solely by management and funds managed by affiliates of Apollo, which bought a $760m minority stake in 2022.

On Monday Legendary said it had retained “significant excess liquidity” to finance its business and planned expansion, which will see it continue to grow its film and television output and develop intellectual property.

Last year it secured a five-year $800m credit facility led by J.P. Morgan in 2023.

CEO Josh Grode thanked Wanda, who he called ”an outstanding and supportive shareholder since 2016”, and said, “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.

Wanda acquired Legendary in January 2016 in what was at the time China’s largest cross-border cultural acquisition. The Beijing-based Legendary East has marketed and distributed key Legendary films, including the Dune and Godzilla franchises. It will continue as Legendary’s office in China.

Legendary films have grossed more than $20bn at the global box office and the company said it is experiencing its most profitable year to date, with Dune: Part Two earning $714.4m worldwide and Godzilla X Kong: The New Empire taking more than $571.8m.

Among the company’s upcoming titles are A Minecraft Movie starring Jason Momoa and Jack Black; live action-animation hybrid Animal Friends starring Ryan Reynolds, Momoa, Aubrey Plaza, and Dan Levy; a Street Fighter adaptation; an untitled Alejandro G. Iñárritu film to star Tom Cruise; and additional event films from Denis Villeneuve and the Monsterverse.