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Supply Chains

Variety reports that Sony Pictures is taking legal action against the Wanda group for not fulfilling their agreement with Sony’s Silvergate Group Holdings and Wanda Hong Kong in 2017. The lawsuit, filed in London’s High Court in March, seeks $49 million in damages plus interest.

 

Sony claims that Wanda Hong Kong had agreed to acquire a 51% stake in Silvergate’s Vampire Squid Productions (the Octonauts holding company) for $38,250,000 in 2017, with the remaining 41% of Silvergate’s holding being subject to a future purchase option. After Sony acquired Silvergate in 2019 and rights were transferred to Columbia Pictures, the purchase option was exercised at a value of $87.4 million.

 

Wanda disputed this valuation and caused delays, according to Columbia. Despite eventually agreeing on a $49 million price, Wanda allegedly continued to stall until negotiations broke down.

 

Earlier this year, Wanda attempted to dismiss the lawsuit, but a London High Court judge ruled this week that Columbia could proceed with the case.

Journalist, antique shop owner, aspiring gemologist—L’Wren brings a diverse perspective to animation, where every frame reflects her varied passions.

Person: Sony Pictures, Wanda group, L’Wren

Company Names: Silvergate Group Holdings, Wanda Hong Kong, Vampire Squid Productions, Columbia Pictures

Titles: Octonauts

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