Japan’s TBS buys $150M stake in Dune studio Legendary

Legendary Entertainment, the Hollywood studio behind blockbusters "Dune" and "A Minecraft Movie," has formed a strategic partnership with Tokyo-based broadcaster TBS Holdings Inc., marking another significant step in the studio's international expansion efforts.

Under the terms announced Wednesday, TBS will acquire a $150 million stake in Legendary, with the shares being purchased from Apollo Global Management ↗ 0.29% and Legendary's leadership team. The transaction values Legendary at more than $4 billion, according to Bloomberg.bloomberg+1

The non-exclusive alliance aims to develop Japanese intellectual property into global film and television properties, leveraging Legendary's proven track record of transforming franchises into worldwide successes.deadline

A Track Record with Japanese IP

Legendary has established itself as a skilled adapter of Japanese content for international audiences. The studio's portfolio includes the "Godzilla" franchise, "Pokémon: Detective Pikachu," and the recently completed "Street Fighter" film. Projects currently in development include "Gundam" and "Drops of God" Season 2.hollywoodreporter+1

Josh Grode, CEO of Legendary Entertainment, emphasized TBS's deep connections within Japan's creative ecosystem. "For decades, TBS has been central with all of the ecosystem in Japan, from multiple studios to anime, to writers and artists. Its position within the market presents opportunities for collaboration. We look forward to working with TBS to deepen our relationships in Japan and help expand the reach of rich IP to the rest of the world in a manner that respects and honors talented creators," Grode stated.hollywoodreporter

TBS brings substantial assets to the partnership, including THE SEVEN, a production studio responsible for Netflix ↗ 2.77% series "Border" and "Yu Yu Hakusho". The Japanese broadcaster recently provided THE SEVEN's U.S. operation with a $180 million capital increase.hollywoodreporter

Ownership Structure Remains Intact

Following the transaction, Legendary's ownership structure will remain predominantly with the studio's management and Apollo, who retain equal control of the business. TBS's $150 million investment represents a minority stake in the company.deadline+1

Yayoi Nakatani, Board Director and Chief Growth Officer of TBS Holdings, expressed enthusiasm about the partnership. "We are thrilled to partner with Legendary, a world-class studio with a remarkable track record of history-making hits. Legendary's exceptional creativity and their proven ability to build and expand IPs into worldwide franchises will be an indispensable force to our global strategy," Nakatani said.hollywoodreporter+1

Legendary's Strategic Positioning

The deal comes as Legendary continues to build on recent box office momentum. "Dune: Part Two" earned $714 million and "A Minecraft Movie" grossed $955 million at the global box office. The studio has a third "Dune" film in development with director Denis Villeneuve, slated for December 2026.imdb+1

Legendary bought out Chinese conglomerate Wanda Group's majority stake in October 2024, with Apollo and management now sharing roughly equal ownership. The studio has since pursued an aggressive expansion strategy, including a three-year global theatrical distribution deal with Paramount Pictures completed in September 2025.wikipedia+1