The suit, which seeks $49 million (plus interest), was filed earlier this year, alleging Wanda Hong Kong failed to ‘properly engage’ in a 2017 purchase option agreement for Vampire Squid Productions, the ‘Octonauts’ holding company.
Sony Pictures is suing the Wanda group for “failure [to] properly engage” in an agreement between Sony’s Silvergate Group Holdings and Wanda Hong Kong in 2017, according to Variety. The suit, seeking $49 million plus interest in damages, was filed in London’s High Court in March.
Sony alleges that Wanda Hong Kong agreed to buy a 51% stake in the Silvergate-owned Vampire Squid Productions (Octonauts holding company) for $38,250,000 in 2017, with the proviso that the remaining 41% of Silvergate’s holding in Vampire Squid was subject to a purchase option in the future. After Silvergate was purchased by Sony in 2019, and rights were assigned to Columbia Pictures, the option was exercised and valued at $87.4 million.
Wanda disputed this valuation and “caused significant delays,” according to Columbia. Although both parties eventually agreed to a $49 million price tag, Wanda allegedly continued to stall until talks fell through.
Wanda moved to dismiss the lawsuit earlier this year, but this week a London High Court judge ruled Columbia could continue with the suit.
Journalist, antique shop owner, aspiring gemologist—L'Wren brings a diverse perspective to animation, where every frame reflects her varied passions.
