Under Apollo's support, Legendary plans to continue developing its film and television strategy while exploring additional growth opportunities.

The buyout coincides with a successful year for Legendary, with recent films like Dune: Part Two and Godzilla X Kong: The New Empire grossing nearly $1.3 billion worldwide.

Upcoming projects for Legendary include adaptations of popular franchises such as Minecraft and Street Fighter, as well as new films by renowned directors.

Founded in 2000, Legendary has a rich history of producing blockbuster films and has recently enjoyed success with titles like Dune and Enola Holmes.

With the removal of foreign ownership issues, Legendary is now positioned to pursue larger mergers and acquisitions more freely.

Wanda Group, which originally acquired Legendary for $3.5 billion in 2016, has been divesting assets due to a cash crunch and high debt.

The board of Legendary will now consist of an equal number of members from both the management team and Apollo, ensuring balanced governance.

Legendary Entertainment has successfully completed the buyout of Dalian Wanda Group's remaining equity interest, marking a significant shift in the studio's ownership structure.

The buyout was influenced by several factors, including Legendary's strong liquidity position and Wanda's need to monetize its investment amid financial pressures.

Following the buyout, Legendary is now entirely owned by its management and Apollo Global Management, which had previously acquired a minority stake in 2022.

This change in ownership is expected to ease regulatory approvals for future mergers or acquisitions, according to CEO Josh Grode.

Grode views Apollo as an ideal partner, having supported Legendary's strategic growth since their collaboration began.