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Sony Pictures Sues Wanda for $49 Million Over Stymied ‘Octonauts’ Deal
Sony Pictures is suing Wanda Kids for $49 million following a disastrous 2016 co-finance deal.
The agreement included a provision that the remaining 41% of Silvergate’s shareholding in Vampire Squid was subject to an option for Wanda to purchase at a set price (calculated on the basis of the company’s financial performance) at a later date. Citing Wanda’s “failure properly to engage” in the share transfer process, Columbia made some concessions and agreed to a final price of $49 million. Sony Pictures and Wanda Group, whose chair is Wang Jianlin, entered into their own co-financing deal in 2016 although it lasted little more than a year before the conglomerates parted ways.
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