Japan’s TBS acquires $150m stake in Legendary, forges strategic partnership

Yayoi Nakatani and Josh Grode

Tokyo Broadcasting System (TBS) has made a US$150m investment in US-based studio Legendary Entertainment as the Japanese media group continues its push into the international marketplace.

As part of the investment, the companies have forged a non-exclusive strategic partnership through which they will help to adapt Japanese IP for the global market.

Legendary Entertainment continues to be co-owned by its management and private equity backer Apollo, with TBS’s investment equating to a small minority stake. The investment values Legendary Entertainment at around US$4bn, according to US business outlet Bloomberg.

The US company already has experience adapting Japanese IP, such as the Godzilla and Street Fighter franchises. On the TV side, Legendary also produced the Japanese coproduction Drops of God, an acclaimed Apple TV drama based on a manga of the same name.

For TBS, the deal comes as it continues to push into the international marketplace. Like many of its local rivals, it has laid out ambitious plans to grow its presence beyond Japan’s borders.

It has built momentum with its international studio The Seven, which has enjoyed success with Netflix series Alice in Borderland and Yu Yu Hakusho. At the Tokyo International Film Festival Content Market in October, Katsuaki Setoguchi, executive officer of TBS Holdings and president and CEO of The Seven, said international copros are a key focus of TBS’s “next chapter,” as it looks to deepen ties with global studios, broadcasters and platforms. To that end, the company established outposts in LA and Seoul in 2024.

“For decades, TBS has played a central role working with all members of the creative ecosystem in Japan, from multiple publishers to animators to writers and artists,” said Legendary Entertainment CEO Josh Grode.

“Its position within the local market presents exciting opportunities for collaboration. We look forward to working with TBS to broaden our relationships in Japan and to help expand the global reach of its rich IP to the rest of the world in a manner that respects and honours the talented creators.”

Yayoi Nakatani, board director and chief growth officer of TBS Holdings, said Legendary’s “proven ability to build and expand IPs into worldwide franchises will be an indispensable driving force to our global strategy.”

In a statement, Nakatani also revealed that The Seven and its US division has raised US$180m in new funding. “With a focus on TBS’s global strategy studios, The Seven and The Seven US will accelerate content investment and TBS Group’s creators will continue to deliver world-class content to global audiences,” she said.