UPDATE: The Japanese giant has reportedly cooled off on acquiring Dreamworks and has switched its focus to buying a chunk of Thomas Tull’s company.

According to reports that broke over the weekend, Softbank had been pursuing a $3.4bn buy on DreamWorks Animation.

Representatives for DreamWorks Animation did not return calls and Screendaily was unable to reach a spokesperson for Legendary.

Softbank recently acquired a $20m piece of Chinese internet behemoth Alibaba.