Legendary Entertainment to get US$760 million infusion from Apollo

[LOS ANGELES] Apollo private equity fund will invest US$760 million in Legendary Entertainment, the production and finance company behind films Dune, Godzilla vs Kong and television series Lost in Space and Carnival Row, both companies announced Monday.

The studio, which China's Dalian Wanda Group acquired in 2016 in a deal valued at US$3.5 billion, has been quietly exploring its options for some time, said people familiar with the matter.

The company had preliminary talks with special purpose acquisition companies as it explored the possibility of going public, these sources said.

Apollo will acquire a significant minority stake through its investment, another source familiar with the matter said.

This investment is one of a number of recent deals in Hollywood, in which backers are betting on a voracious demand for content as streaming services vie for subscribers.

Apollo said it was attracted by the studio's track record in creating popular content, and its relationships with the top studios and streaming services alike. As a result of the minority stake, Apollo partners Aaron Sobel and Lee Solomon will join the Legendary board of directors. REUTERS