The Japanese broadcasting and media giant Tokyo Broadcasting System is acquiring a $150 million stake in Legendary Entertainment as part of a non-exclusive strategic partnership between the companies, with ambitions to adapt Japanese IP for global audiences.
Legendary is betting that it can leverage its experience adapting IP (its projects include the Dune franchise, the Minecraft movie, Street Fighter and Godzilla), in helping TBS IP and content find a global audience. In addition to its TV networks, TBS also operates THE SEVEN, a studio that is behind the Netflix series Alice in Borderland and Yu Yu Hakusho.
“For decades, TBS has played a central role working with all members of the creative ecosystem in Japan, from multiple publishers to animators to writers and artists,” said said Josh Grode, CEO of Legendary Entertainment. “Its position within the local market presents exciting opportunities for collaboration. We look forward to working with TBS to broaden our relationships in Japan and to help expand the global reach of its rich IP to the rest of the world in a manner that respects and honors the talented creators.”
“We are thrilled to partner with Legendary, a world-class studio with a remarkable track record of history-making global hits,” added Yayoi Nakatani, board director and chief growth officer of TBS Holdings, Inc. “Legendary’s exceptional creativity and their proven ability to build and expand IPs into worldwide franchises will be an indispensable driving force to our global strategy. With a focus on TBS’s global strategy studios, ‘THE SEVEN’ and ‘THE SEVEN US’—which recently received a 180,000,000 USD capital increase— we will accelerate content investment and TBS Group’s creators will continue to deliver world-class content to global audiences.”
TBS’ $150 million investment will give it a small minority stake, with Legendary still controlled equally by management and Apollo.
Raine served as the exclusive financial advisor to Legendary for the deal.
