SoftBank Corp.'s investment in a Hollywood movie studio represents the coming out party for two new players in the U.S. entertainment industry — the Japanese telecommunications company and Nikesh Arora, the former Google Inc. executive running a new media and Internet company.

Two months after unexpectedly decamping from Google for SoftBank, Arora struck a $250 million deal for a minority stake in Legendary Entertainment, a move that was announced on Thursday. He had earlier tried unsuccessfully to strike a partnership with DreamWorks Animation, sources said.

As CEO of San Carlos, California-based SoftBank Internet and Media Inc., Arora is charged with investing in and operating media and digital media companies, including music, e-commerce and gaming, said one person close to SoftBank. The parent company, owned by legendary investor Masayoshi Son, also owns U.S. mobile carrier Sprint and is the largest investor in China e-commerce company Alibaba.