Apollo Finances has picked up a$ 760 million nonage preferred stake in Dune patron Legendary Entertainment. The investment follows LionTree LLC being tapped to explore possible junction or equity investment deals for Fabulous, which is led by CEO Joshua Grode and develops, produces, distributes and finances major movie and Television systems across multiple platforms.
Following the investment by the Apollo Finances, Apollo partners Aaron Sobel and Lee Solomon will join the Fabulous board of directors, along with representatives from Dalian Wanda Group, which acquired the product company in a$3.5 billion deal in 2016 amid a buying spree by China- grounded empires.
“We are excited to welcome Apollo as a new shareholder in Legendary and equally important as a thought partner in our business,” Grode stated. “This fund investment from Apollo validates our success to-date and invigorates our growth plans with a strategic capital partner who shares our goal to grow the business.”
Legendary operation will continue to control the functional, creative and strategic direction of the patron, also known for pictures like Godzillavs. Kong and the forthcoming titles Texas Chainsaw Massacre (Netflix) and Fresh (Searchlight).
Legendary was also involved in similar successes as Godzilla, Inception, Jurassic World and Pacific Rim and is working with WarnerBros. on Dune Part Two for anOct. 20, 2023, release. The plant’s recent Television systems include Lost in Space (Netflix), Carnival Row (Amazon) and Pacific Rim The Black (Netflix).
Sobel and Solomon added, “Legendary is known for its world-class content and franchise features and has strong relationships with top studios and streaming platforms alike. In making this fund investment, we were excited by the velocity in their television and film business, the strong management team and the massive secular tailwinds driving the industry. Already, Legendary generates significant free cash flow that’s reinvested in high-growth categories, and we also see compelling M&A opportunities ahead.”