UPDATED: Legendary is categorically denying a report that originated from Reuters today that Saudi Arabia’s sovereign wealth fund is eyeing a $700 million investment in the company. According to the report, the country’s Public Investment Fund is considering a stake purchase from Chinese conglomerate Wanda, which bought the company in 2016.
Said a rep: “Legendary Management has no interest in conducting a transaction with PIF.”
The timing for such a thing couldn’t be worse, coming the same day as the Saudis charge 11 — seeking the death penalty for five of them — in the murder of Jamal Khashoggi, who was slain when the journalist went to the Saudi consulate in Istanbul to get a marriage license.
Insiders said that under chiefs Josh Grode and Mary Parent, Legendary cleaned up its balance sheet and has about $1 billion in resources and if it looks for cash to shore up its parent Wanda, management would not want a deal with Saudi Arabia.