Legendary Entertainment Expands with New Joint Venture

In a significant move to kick off the new year, Legendary Entertainment is set to launch a standalone production and sales joint venture, gearing up for a series of film markets in 2025.

New Leadership and Vision

Patrick Wachsberger, the former head of Summit/Lionsgate and producer of the Oscar-winning film CODA, has partnered with Legendary CEO Josh Grode to establish a new entity named 193. This joint venture will be co-owned by Legendary and will produce its own slate of films for sale. Additionally, the Wachsberger-led venture will manage global distribution rights and early territory sales for various features, as announced by Legendary on Tuesday. The name 193 signifies the number of territories worldwide available for film sales.

A Promising Partnership

“I have known and worked with Patrick since our days at Summit Entertainment,” Grode remarked. “We are thrilled to partner with him in this new standalone venture and are confident that 193 will excel in delivering top-quality films to global markets. This is an exciting time for Legendary as we continue to build on our strong momentum and diversify our film and TV portfolio.”

Leveraging Legendary’s Resources

The collaboration between 193 and Legendary will enable Wachsberger’s team to utilize Legendary’s resources, including the marketing division led by Blair Rich, to enhance its production slate. The launch comes just ahead of the European Film Market, which will take place from February 13-23, coinciding with the 75th Berlin International Film Festival.

Excitement for Future Projects

“I am excited to embark on this new venture with Legendary, known for producing some of the most compelling and successful films in recent years,” Wachsberger expressed. “With the strong global demand for high-quality independent films and the support of Legendary’s exceptional creative and production team, we are well-positioned for growth. 193 will bring remarkable stories from talented filmmakers to audiences worldwide.”

Strategic Moves for Legendary

The agreement with Wachsberger is the latest strategic initiative for Legendary, following Grode and Apollo Global Management leading a buyout of Dalian Wanda Group’s stake, a deal announced last October. Wanda had previously acquired a $3.5 billion interest in the producer of Dune and Godzilla back in 2016, during a peak period for China-Hollywood collaborations.

Expanding Horizons in Television

In addition to 193, Wachsberger established a television banner in 2019 with Federation Studios called Picture Perfect Federation. According to the release from Legendary, he will continue to work on projects developed for Federation Studios while leading this new joint venture. Over his thirty-plus years in the industry, Wachsberger has produced numerous titles, including the Lionsgate franchises Twilight and The Hunger Games, as well as the blockbuster Mr. and Mrs. Smith.

New Opportunities in Independent Production

The 193 deal represents a fresh opportunity for Legendary in the independent production market, following its 2019 investment in Library Pictures International, a film financier focused on lower-budget and local language titles, which supported this year’s awards contender Emilia Pérez.

Upcoming Projects from Legendary

Under the leadership of Mary Parent, Legendary Pictures is preparing a lineup of major projects, including video game adaptations like A Minecraft Movie and Street Fighter, as well as the hybrid animation comedy Animal Friends featuring Ryan Reynolds and Jason Momoa, and an untitled film by Alejandro G. Iñárritu starring Tom Cruise.

Persons

Patrick Wachsberger, Josh Grode, Mary Parent

Company Names

Legendary Entertainment, Summit Entertainment, Lionsgate, Federation Studios, Library Pictures International, Dalian Wanda Group

Titles

CODA, Twilight, Hunger Games, Mr. and Mrs. Smith, A Minecraft Movie, Street Fighter, Animal Friends, Emilia Pérez, Alejandro G. Iñárritu film

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