Legendary Entertainment has acquired Asylum Entertainment in a deal that is sure to give the motion picture giant a greater foothold in the arena of non-scripted, scripted, and sports programming.
Although we don’t know the fiscal details of the acquisition, executives at Legendary said Asylum will still operate as a separate company and continue to focus on the areas that they do best. The deal will allow Asylum to continue its work in non-scripted fare, and other genres on television. Steve Michaels, President and CEO of Asylum, and Jonathan Koch, President and Chief Creative Officer had the following to offer:
“This is an incredible deal that allows Asylum to scale our existing business beyond what we could have imagined…In terms of our programming philosophies and the audiences we’re trying to build and serve, Legendary is a perfect match.”
Essentially, Legendary now has another vehicle which will allow them to expand their reach into the TV business through Asylum’s many relationships in the industry. Founded in 2003, Asylum produced The Kennedys, but they gained a higher profile with their unscripted shows like Fox Sports and Beverly Hills Pawn. While on the other hand, Legendary TV’s division just brokered a deal with Ben Stiller and Stuart Cornfeld to produce exclusive content for both TV and digital platforms over the course of the next few years. As many big movie houses are looking for ways to produce cheaper products for the small screen, this move by Legendary seems like a prudent one destined to keep their names on the entertainment map.
The deal was announced at the 41st annual Global Media & Communications Conference in New York.