Sony Pictures Sues Wanda for $49 Million Over Stymied ‘Octonauts’ Deal

variety.com:

K.J. Yossman Sony Pictures is suing the Wanda Group for $49 million. The lawsuit, which was filed in London’s High Court in March of this year, is being fought by each company’s subsidiaries, Columbia Pictures Corporation Limited and Wanda Kids Cultural Development Co., Limited respectively.

The legal battle dates back to an agreement struck between Silvergate Group Holdings and Wanda Hong Kong in 2017. Sony bought Silvergate in 2019.

The lawsuit alleges that another one of Wanda’s subsidiaries, Wanda Hong Kong, agreed to buy a 51% stake in Silvergate-owned Vampire Squid Productions for $38,250,000 in 2017.

Vampire Squid is a holding company for some of Silvergate’s most successful properties including long-running animated series “Octonauts.” 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.