Legendary Entertainment, the “Jurassic World” production company owned by China’s Wanda Group, has raised a $1 billion credit facility led by JPMorgan, the company announced Thursday.
It’s the first big move for the studio under new CEO Joshua Grode, an ex-entertainment industry attorney who took the job in December. And it’s a major turnaround for Legendary, which has struggled with recent flops like “Pacific Rim Uprising” and was thought to be an acquisition target by major studios including Sony Pictures.
Wanda paid $3.5 billion for Legendary in early 2016 when Chinese investment in Hollywood was at a fever pitch. But the hefty price paid for the unprofitable studio became a symbol of Chinese overspending and a real bugaboo for Wanda, and was a catalyst for the Chinese government’s crackdown on cross-border investments in entertainment. Now, Legendary has plenty of runway to turn things around.