Apollo Buys Stake in Legendary Entertainment
Posted on 02/01/2022
Apollo Management (NYSE: APO) announced that funds managed by Apollo affiliates have agreed to make a US$ 760 million minority equity investment in Legendary Entertainment. Legendary Entertainment is led by CEO Joshua Grode that develops, produces, distributes and finances major motion picture and TV projects across multiple platforms and maintains leading comic book, VR, licensing and merchandising divisions.
Legendary Entertainment has produced and co-financed top grossing box office franchises such as DUNE and GODZILLA VS. KONG and streaming feature film franchises including ENOLA HOLMES and the upcoming films TEXAS CHAINSAW MASSACRE and FRESH, plus top performing television series such as “LOST IN SPACE,” “CARNIVAL ROW” and the soon to be released series “PAPER GIRLS” and “LIGHTYEARS.”
China’s property and entertainment giant Dalian Wanda acquired Legendary in 2016 for US$ 3.5 billion with a thesis to grow the full scope of content production and distribution globally.
As a result of the minority preferred equity investment by the Apollo Funds, Apollo Partners Aaron Sobel and Lee Solomon will join the Legendary Board of Directors along with representatives from Wanda and management. Legendary Management will control the operational, creative and strategic direction of the company.
Advisors
LionTree served as financial advisor and Wachtell, Lipton, Rosen & Katz as legal counsel to the Apollo Funds in the transaction. Moelis & Company served as lead financial advisor to Legendary and Paul Weiss and Stroock served as legal counsel. Han Kun Law Firm and KL Gates served as legal counsel for Wanda. Centerview Partners advised on pre-transaction matters.
Keywords: Apollo Management, LP.
