03:33 PM EDT, 10/14/2024 (MT Newswires) -- Apollo Global Management-backed (APO) Legendary Entertainment has agreed to acquire the equity interest in the studio held by Chinese conglomerate Wanda Group, according to news reports Monday.

Wanda held a 60% stake in the entertainment company, according to the Wrap. Apollo bought a $760 million equity stake in Legendary in 2022 from Wanda, which had acquired Legendary in 2016 for $3.5 billion, Bloomberg and the Wrap reported.

The buyout will result in Legendary's board being evenly split between the studio's management and Apollo representatives, Bloomberg quoted Legendary Chief Executive Josh Grode from an interview.

Terms of the buyout deal between Legendary and Wanda weren't disclosed.

Apollo and Legendary did not immediately reply to MT Newswires' requests for comment.

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