Japan’s SoftBank investing US$250m in Legendary

Japanese media and communications conglomerate SoftBank will invest US$250 million in US producer and distributor Legendary Entertainment and the pair will launch a new joint venture.

The new JV will exploit Legendary’s TV and film content in China and India. Legendary has been beefing up its TV operation in recent months and its boss, the former Warner Bros. exec Bruce Rosenblum, has brought in ex Sony distribution bosses Michael Grindon and John McMahon.

The US$250 million deal will close in mid-October.

Nikesh Arora, vice chairman of SoftBank and CEO of SoftBank Internet and Media, Inc. (SIMI) said: “Our goal at SIMI is to leverage SoftBank’s international platform and network of Internet and media partners to accelerate content creators’ digital strategies and extend their global reach.”

He added: “Legendary is already a content powerhouse and we are very excited to make this investment and help them bring their incredibly successful film franchises and other exciting new media content to an even larger global audience.”

Legendary’s chairman and CEO, Thomas Tull, added: “With the arrival of Nikesh and the launch of SIMI, they have a great opportunity to extend their reach into media and entertainment.  We are excited to be one of SIMI’s first partners and look forward to working together.”