Thomas Tull takes control of Legendary
Report: Founder, new partners buy out original investorsThomas Tull has taken control of Legendary Pictures by buying out original investors in the film finance and production firm with the help of new partners, the LA Times reported Tuesday.
The Legendary chairman quietly led the buyout to get more control as he eyes an expansion into video games, digital media and other businesses, the paper said.
Tull brought on two new investors to acquire nearly all the stake held by Legendary's original investors who backed the company's founding in 2004, the Times said. The move made Tull the single largest and controlling shareholder of the Warner Bros. co-financing partner.
Legendary's new backers are Fidelity Investments and Fortress Investment Group, the Times said. The orginal investors were Abry Partners, AIG Direct Investments, Bank of America, Columbia Capital, Falcon Investment Advisors and M/C Venture Partners.