Legendary Entertainment has sold a $760 million equity stake to Apollo, the companies announced on Monday The pact gives the investment giant a minority ownership position in the studio behind R…
The pact gives the investment giant a minority ownership position in the studio behind “broke the news that Legendary was exploring a possible sale and merger and had abandoned an earlier plan to merge with a special purpose acquisition company .
Legendary is riding high after “Dune” scored with critics, earned awards buzz and put up respectable box office results. A sequel is in the works. Other Legendary releases include “Enola Holmes” and “Detective Pikachu.” The company has a follow-up to “Enola Holmes” in the works, and produced such upcoming films as “Texas Chainsaw Massacre” and “Fresh,” along with television series such as “Lost in Space” and “Carnival Row.” Apollo manages some $481 billion in assets.
Legendary’s leadership team of Grode and worldwide production chief Mary Parent will remain in charge of the creative, strategic and operational direction of the company. As a result of investment by the Apollo Funds, Apollo Partners Aaron Sobel and Solomon will join Legendary’s board of directors.
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