Sony vs. Wanda: A Film Feud Over a Failed Deal

Sony Pictures is in a legal fight with Wanda Group, aiming to collect $49 million. The dispute began when Wanda's subsidiary, Wanda Hong Kong, agreed to buy a majority stake in Vampire Squid Productions, a company owned by Silvergate Group Holdings, for $38. 25 million in 2017. Vampire Squid holds popular properties like the animated series "Octonauts. " Sony later bought Silvergate, inheriting the deal. The agreement included an option for Wanda to buy the remaining shares at a future date, but the price was based on the company's performance. After Sony took over, they wanted to finalize the deal, valuing the remaining shares at $87. 4 million. Wanda disputed this, and the parties agreed to use an accountant to settle on a price. However, Sony alleges that Wanda delayed the appointment of the accountant, causing a significant delay. To move things forward, Sony offered to settle at $49 million, but Wanda continued to stall. Sony is now seeking this amount plus interest, claiming they suffered losses due to Wanda's actions. Wanda has tried to get the lawsuit dismissed, arguing improper service, but a London High Court judge recently ruled against them. Despite their past co-financing deal, Sony and Wanda's path has been contentious.