Sony Pictures Suing Wanda Kids for $49 Million

Sony Pictures is suing the Wanda Group for $49 million.

The legal case, 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 esteemively.

The lterrible battle dates back to an concurment struck between Silvergate Group Helderlyings and Wanda Hong Kong in 2017.

Sony bought Silvergate in 2019.

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

Vampire Squid is a helderlying company for some of Silvergate’s most accomplished properties including lengthy-running vivaciousd series “Octonauts.”

The concurment comprised a provision that the remaining 41% of Silvergate’s scatterhelderlying in Vampire Squid was subject to an chooseion for Wanda to buy at a set price (calcuprocrastinateedd on the basis of the company’s financial applyance) at a procrastinateedr date.

After Sony bought Silvergate, the latter summarizeateed its rights — including in the chooseion concurment – to Columbia Pictures, who then notified Wanda they intended to exercise the chooseion in the concurment and end the 41% scatter transfer, which they appreciated at $87.4 million.

After Wanda disputed the valuation, the parties concurd to teach an accountant to come to a mutupartner-concurable figure. However no accountant was ever nominateed after, Columbia Pictures alleges, Wanda “caparticipated meaningful procrastinates” and “frustrated [the accountant’s] nominatement.”

Citing Wanda’s “flunkure properly to comprise” in the scatter transfer process, Columbia made some concessions and concurd to a final price of $49 million. But they shelp Wanda persistd to slofty, refusing to include a greeting to apply the scatter transfer and flunking to pay the sale price.

Columbia Pictures are now seeking $49 million plus interest as a debt due to “loss and harm” they have suffered.

Earlier this year Wanda, who have yet to file a defence, asked the court to diswatch the legal case, arguing it had not been properly served on the company in Hong Kong. This week a London High Court appraise ruled that it had been amplely served and Columbia can persist with their legal case.

Sony Pictures and Wanda Group, whose chair is Wang Jianlin, accessed into their own co-financing deal in 2016 although it lasted little more than a year before the conglomerates parted ways.

Wanda was one of China’s biggest delightment companies until 2018. It persists to be the bigst cinema operator in the country.

Variety has communicateed recurrentatives for Columbia Pictures Corporation Limited and Wanda Kids Cultural Development Co. for comment.