(Bloomberg) -- Legendary Entertainment LLC is in advanced talks to buy out Dalian Wanda Group Co.’s stake in the movie studio, people familiar with the matter said, as the Chinese conglomerate looks to unwind one of its most high-profile overseas acquisitions.

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Legendary is looking to fund the potential transaction with its own financial resources, the people said, asking not to be identified as the information is private. Legendary and Apollo Global Management Inc. are poised to take control of the company after the potential deal, the people said. An announcement could come as soon as in the coming days, they said.

Deliberations are ongoing and an agreement could still be delayed or fall apart, the people said. A representative for Wanda didn’t immediately respond to requests for comment outside office hours in China, while representatives for Apollo and Legendary declined to comment.

Founded by financier Thomas Tull in 2000, Legendary is behind movies such as Dune and Godzilla vs. Kong. Wanda acquired the film studio for about $3.5 billion in 2016. Apollo bought a $760 million equity stake from Wanda in 2022. Apollo’s investment was part of a wave of transactions involving production companies, as streaming services such as Netflix Inc. cranked up their content spending and private equity firms saw an opportunity to invest in the industry.

Legendary’s financials are comparatively healthy unlike the bigger rivals such as Paramount Global and Warner Bros Discovery Inc. The company has no net debt and more than $500 million of cash on its balance sheet. Legendary’s associated productions garnered more than $20 billion at the box office globally.

Chief Executive Officer Josh Grode has said he’s seeking to combine the momentum of the studio’s movie franchises and the deep pockets of Apollo to acquire US and European entertainment businesses focused on film, TV, gaming and artificial intelligence, in deals that together could be worth tens of billions of dollars.

Wanda’s founder Wang Jianlin, who was Asia’s richest person at one point, once purchased Spanish football club Atletico Madrid as part of the binge-buying and aspired to compete with Walt Disney Co. on movies and even theme parks.