Magazine article Screen International

Softbank in $250M Legendary Play

Magazine article Screen International

Softbank in $250M Legendary Play

Article excerpt

The Japanese conglomerate has found its Hollywood partner, investing a quarter of a billion dollars to form a joint venture with Legendary to maximise content via OTT platforms with particular emphasis on China and India.

SoftBank's investment is expected to close in October subject to conditions and comes hot on the heels of an alleged courtship of DreamWorks Animation.

Vice-chairman of Softbank and CEO of Softbank Internet And Media Nikesh Arora will be appointed to Legendary's board of directors as part of the transaction.

The deal gives Legendary the ability to leverage its IP rights, including television, digital, licensing, merchandising - "and other ancillary lines" according to a press release - across the OTT service. Among its many holdings, Softbank owns telecoms company Sprint.

"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," said Arora. …

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