Legendary Entertainment Buys Out Dalian Wanda's Stake in the Hollywood Studio

Dalian Wanda Group's Wanda Plaza is seen in Beijing, China, March 23, 2016. (REUTERS/Kim Kyung-Hoon)

(Reuters) -Legendary Entertainment on Monday said it had completed a buyout of Chinese conglomerate Dalian Wanda Group's remaining stake in the movie studio and will be wholly owned by Apollo Global.

Financial details of the deal were not disclosed by Legendary, the studio behind films such as "Dune" and "Godzilla vs. Kong".

Apollo invested $760 million in 2022 to acquire a minority stake in Legendary.

Legendary funded the buyout of Dalian Wanda's stake using cash without outside financing and said it retains liquidity after the deal for its business and planned expansion.

Following the close of the deal, the company's board will be evenly split between Legendary's management and Apollo.

Dalian Wanda acquired the studio in 2016 in a deal valued at $3.5 billion.

(Reporting by Juby Babu in Mexico City; Editing by Maju Samuel)