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Legendary has bought Chinese conglomerate Dalian Wanda Group's majority stake in the studio, the company announced Monday.

Why it matters: The deal puts Legendary back in full control of its own studio.

Zoom in: Legendary says it funded the transaction with cash from its balance sheet.

Wanda's stake was around 60%, and Apollo and Legendary will each own about half of the company, Grode tells Axios.

The board will be evenly split between Legendary's management team, led by CEO Josh Grode, and Apollo Global Management, which owns a minority stake.

Grode did not disclose the valuation, but said the deal was "an accretive price." He did say it was lower than the $3.5 billion that Wanda paid in 2016 — though that valuation included around $800 million in debt. 

Catch up quick: Legendary was founded in 2000 by financier Thomas Tull and is best known for producing blockbuster films like Dennis Villeneuve's "Dune" movies and the most recent "Godzilla" franchise.

Wanda acquired Legendary for $3.5 billion in 2016. 

In 2022, private equity giant Apollo acquired a minority stake for $760 million.

As part of that deal, Legendary gained operational and strategic control of the company, though Wanda remained the majority shareholder.

Last year, Legendary secured a five-year, $800 million credit facility led by J.P. Morgan.

Zoom out: For Wanda, the deal cements its retreat from the U.S. entertainment business and unwinds its most high-profile international acquisition. 

"They were looking to monetize several of their investments," Grode said. "They're looking for capital."

In 2021, Wanda sold off its majority stake in theater chain AMC Entertainment for $426 million.

Once one of Hollywood's biggest foreign markets, China is increasingly favoring its own burgeoning film industry.

This story has been updated with comments from the CEO and details on the transaction and ownership structure.

Legendary buys back Wanda's stake in "Dune" studio

The Chinese conglomerate had acquired the company in 2016.

Timothée Chalamet and Zendaya attend the World Premiere of "Dune: Part Two" in Leicester Square on February 15, 2024 in London, England

"Dune: Part Two" stars Timothée Chalamet and Zendaya attend the World Premiere in London, England. Photo: Gareth Cattermole/Getty Images.

Hollywood

Legendary has bought Chinese conglomerate Dalian Wanda Group&#x27;s majority stake in the studio, the company announced Monday.Why it matters: The deal puts Legendary back in full control of its own studio.

Legendary buys back Wanda's stake in "Dune" studio

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