Legendary sells minority stake to Apollo for $760 million
Legendary Entertainment, the production company behind "Dune," "Jurassic World," "The Dark Knight” and other box office hits, has sold a minority stake to private equity firm Apollo Global Management.
Why it matters: With the global rise of streaming spurring demand for more original content, private equity and strategic investors have flooded Hollywood.
- Blackstone-backed Candle Media has bought Reese Witherspoon's Hello Sunshine, Moonbug Entertainment and Faraway Road Productions along with a minority stake in Will Smith and Jada Pinkett Smith’s Westbrook Inc.
- In January, “Avengers: Endgame" directors Anthony and Joe Russo’s AGBO sold a minority stake to Tokyo-based video game company Nexon.
- And last year, LeBron James' SpringHill sold a minority stake to a group of investors, including Epic Games.
Details: Apollo said Monday it will make a $760 million investment in Legendary. Other terms of the deal were not disclosed.
- Management at Legendary will now control the company's operational, creative and strategic direction, the announcement said.
- Aaron Sobel and Lee Solomon, partners at Apollo, will join Legendary's board of directors.
Catch up quick: In 2016, Chinese conglomerate Dalian Wanda Group bought Legendary for $3.5 billion.
What’s next: A24, Imagine, Village Roadshow and STX Entertainment are rumored to be in deal talks with investors across the spectrum.
Kerry Flynn will author the upcoming Axios Pro Media deals newsletter. Subscribe at AxiosPro.com.