Saudi Arabias sovereign wealth fund PIF is exploring the acquisition of up to a $700 million stake in Legendary Entertainment, the U.S. movie studio behind films such as Jurassic World and Interstellar, according to a report by Reuters. Legendary has not reportedly had any formal discussions with PIF. Legendarys majority owner, Chinas Dalian Wanda Group, […]
Saudi Arabias sovereign wealth fund PIF is exploring the acquisition of up to a $700 million stake in Legendary Entertainment, the U.S. movie studio behind films such as Jurassic World and Interstellar, according to a report by Reuters.
Legendary has not reportedly had any formal discussions with PIF. Legendarys majority owner, Chinas Dalian Wanda Group, will reportedly be open to a deal, because it is under pressure to trim its debt, according to the report. PIFs plans are in the early stages
PIFs overtures to Hollywood come as Saudi Arabia has been seeking to open up to foreign films. Following the lifting of a ban on movie theaters last year, PIF signed deals with cinema operators such as AMC Entertainment Holdings , in which Wanda is also an investor, to build theaters in Saudi Arabia.
To serve a population of more than 32 million, most of whom are under the age of 30, Saudi Arabia wants to set up around 350 movie theaters with more than 2,500 screens by 2030, which it hopes will attract nearly $1bn in annual ticket sales. Wanda paid $3.5bn in early 2016 for Legendary Entertainment, which also produced the Pacific Rim and The Great Wall films and the upcoming live action Pokemon Detective Pikachu movie based on the video game characters.
