Japan’s TBS to Invest $150 Mln in U.S. Film Studio Legendary

Tokyo-based broadcaster TBS Holdings said on December 16 it has agreed to invest $150 mln in U.S. film production company Legendary. The two firms form a partnership to expand Japanese content for global audiences.

TBS said the deal with the producer of films including «Dune» and «A Minecraft Movie» aims to boost the international value of its content through joint development of video projects based on Japanese manga, animation and games.

The $150 mln investment includes shares previously held by Apollo Global Management and Legendary’s management team, valuing the studio at more than $4 bn. A source familiar with the deal confirmed the valuation. The companies did not disclose the size of the stake TBS is acquiring.

TBS, which owns the Tokyo Broadcasting System, is known for television series such as «Alice in Borderland» and «Yu Yu Hakusho.»

Legendary has a track record of adapting Japanese stories for global audiences. It produced «Godzilla x Kong: The New Empire,» based on the iconic monster created by Toho Studios, which earned more than $570 mln at the global box office in 2024.

Chinese conglomerate Dalian Wanda Group bought Legendary in 2016 for about $3.5 bn. Apollo Global invested $760 mln in 2022 for a minority stake and in 2024 acquired Wanda’s remaining shares, becoming the sole owner.

After the 2024 transaction, Apollo and Legendary divided seats on the studio’s board. It was not immediately clear whether TBS’s investment includes a board position.