SoftBank pumps $250 mn into Legendary Entertainment

Japan's SoftBank on Thursday announced it is investing $250 million and forming a joint venture with Hollywood film studio Legendary Entertainment. The joint venture aims to exploit Legendary's films and other intellectual property with smartphone and tablet offerings, putting a strong focus on the booming China and India markets, according to the statement by the companies. Softbank will "have a great opportunity to extend their reach into media and entertainment," said Legendary chief executive Thomas Tull. And content creators will be able to take advantage of SoftBank's "international platform and network of Internet and media partners" to extend their global reach, SoftBank Internet and media chief Nikesh Arora said in a release at the Legendary website. SoftBank is a holding company that boasts more than 1,300 subsidiaries and affiliates that offer a comprehensive range of mobile communications, fixed-line communications and Internet services. Legendary's catalogue includes a recent re-make of "Godzilla" as well as Superman film "Man of Steel" and Batman film "The Dark Knight Rises." The investment is expected to close this month and comes with conditions that include Arora getting a seat on Legendary's board of directors.