Japanese telecom giant SoftBank will invest $250 million in U.S. studio Legendary Entertainment, the companies announced Thursday.
The two companies will form a joint venture as part of the deal to exploit Legendary’s TV, film and digital assets across various over-the-top and mobile platforms, with a focus on China and India markets.
The deal is expected to close at the end of October; Nikesh Arora, vice chairman of SoftBank and CEO of SoftBank Internet and Media, Inc. (SIMI), will be named to Legendary’s Board of Directors.
"Masayoshi Son has built SoftBank into one of the world's most respected companies. With the arrival of Nikesh and the launch of SIMI, they have a great opportunity to extend their reach into media and entertainment,” said Legendary’s CEO Thomas Tull. “We are excited to be one of SIMI's first partners and look forward to working together to deliver the next phase of Legendary's growth."
SoftBank was also in discussions to acquire DreamWorks Animation, but a deal has not materialized. Legendary on Wednesday partnered with Derek Jeter on his digital media startup, The Players’ Tribune.