Apollo Invests $760 Million in ‘Godzilla’ Studio Legendary (1)

Apollo Global Management Inc. acquired a $760 million equity stake in Legendary Entertainment LLC, the studio behind recent films such as “Dune” and “Godzilla vs. Kong.”

The bulk of the money will be used to acquire shares from majority owner Dalian Wanda Group, Legendary Chief Executive Officer Joshua Grode said Monday, without providing specifics. Some of the funds will be used to boost film and TV production.

The investment is the latest in a wave of transactions involving production companies, as streaming services such as Netflix Inc.crank up their content spending and private equity firms see an opportunity ...