Hasbro to start sale process of part of eOne TV and film business
Hasbro Inc. said Thursday that average a strategic review of its business, the toy maker's board of directors have OK'd a sale process for part of its Entertainment One (eOne) TV and film business. Hasbro said it will keep the capability to develop and produce animation, digital shorts and scripted TV and films. The company said the decision to start the sale process comes after it received interest from several parties. Hasbro bought eOne in December 2019 for $3.8 billion in cash, then sold the eOne music business in June 2021 for net proceeds of $397 million. "The acquisition of eOne delivered fantastic talent, top tier production and deal making capability and beloved brands with strong toyetic potential including Peppa Pig," said Chief Executive Chris Cocks. "We will retain these terrific capabilities while exploring the best way to maximize the value of the eOne TV & Film Business for the benefit of our shareholders." Hasbro's stock, which was little changed in premarket trading, has plunged 31.1% over the past three months while the S&P 500 has lost 7.4%.
-Tomi Kilgore
(END) Dow Jones Newswires
November 17, 2022 09:24 ET (14:24 GMT)
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