Financing will be used for Legendary's film, publishing and digital businesses
Legendary Entertainment has raised $443 million dollars in financing from Waddell & Reed Financial, the film financier behind "The Dark Knight" and "The Hangover" said Tuesday.
Legendary will use the money to back its film and publishing projects, as well as to expand its digital, merchandising and television business.
“Waddell & Reed is the gold standard in their sector, and the right capital partner for Legendary, at the right time in our business,” said Legendary CEO Thomas Tull. “We are pleased to have their support and enthusiasm for our model and potential.”
Legendary has partnered with Warner Bros. on its major hits, and is now also developing its own in-house projects such as the upcoming giant robots and monsters movie "Pacific Rim" and a remake of "Godzilla."
Among the films it is backing through its pact with Warner's are "The Hangover Part III," "Man of Steel" and "Jack the Giant Slayer."
Waddell & Reed will make its equity investment through its Ivy Asset Strategy Fund, the Waddell & Reed Advisors Asset Strategy Fund and other portfolios.
Legendary said it has closed nearly $720 million in financing this year through backers like IDG Capital Partners, Morgan Stanley Investment Management, venture capitalist Peter Thiel’s Thiel Capital, former Google chief Eric Schmidt’s Tomorrow Ventures, JPMorgan and Bank of America.