Adds deal context, company background
By Kane Wu and Rhea Rose Abraham
Jan 16 (Reuters) - Tokyo-based broadcaster TBS Holdings 9401.T on Friday said it agreed to invest $150 million in Legendary, a U.S. film production company.
TBS said it entered into a partnership with the producer of "Dune" and "A Minecraft Movie" to enhance the value of its content globally through the joint development of video content based on Japanese manga, animation and games.
The $150 million stake that TBS is acquiring includes shares previously owned by Apollo Global Management APO.N and Legendary’s leadership, valuing the company at more than $4 billion, Bloomberg News reported on Thursday.
A person with knowledge of the transaction confirmed the valuation.
The companies did not disclose the size of the stake being acquired.
TBS, the parent of Tokyo Broadcasting System, is known for TV series like "Alice in Borderland" and "Yu Yu Hakusho."
Legendary has previously adapted Japanese stories for global audiences. It produced "Godzilla x Kong: The New Empire," a film based on and named after the giant monster created by Japan's Toho Studios, which grossed more than $570 million in theaters in 2024.
Chinese conglomerate Dalian Wanda Group acquired Legendary in 2016 for about $3.5 billion, Reuters reported previously.
Apollo Global invested $760 million in 2022 to acquire a minority stake in the studio and in 2024, it bought out Wanda's remaining shares , becoming sole owner.
Apollo and Legendary split the studio's board seats after the 2024 transaction; it was not immediately clear whether TBS' investment included a board seat.
(Reporting by Kane Wu in Hong Kong and Rhea Rose Abraham in Bengaluru; Editing by Sonia Cheema)
((RheaRose.Abraham@thomsonreuters.com;))
Comments