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toy giant Hasbro set to put entertainment one Ready for sale as it explores interest in the film and television production and distribution sector.
“Following our recent investor day to launch Blueprint 2.0, our new branded entertainment strategy, we have received multiple interest in eOne’s TV and Film business, although value is not at the heart of our strategy going forward. This interest has driven our decision to explore sales process,” Hasbro Chief Executive Officer Chris Cocks said in a statement on Thursday.
Hasbro said spinning off eOne could allow the company to focus on brand assets such as Peppa Pig, Transformers and dungeons and dragons Because it looks like it’s going to be a digital gaming powerhouse.Explore eOne’s sales process with Division CEO Darren Throop leave the hasbro division He will complete his current employment contract by the end of 2022.
Hasbro acquired eOne in 2019 as part of a $4 billion all-cash deal. At the time, Hasbro was combining the film and television divisions of independent studios with its own, hoping the eOne deal would turn the toymaker into a media contender.
The pandemic has disrupted this media strategy as the industry reopens, with production shutdowns and content delivery delays in Hollywood. More recently, Hasbro has shifted its focus to becoming a digital gaming powerhouse under newly installed CEO Cox after fending off a proxy battle with activist investor Alta Fox Capital Management.
“As we execute Blueprint 2.0, the focus is on strategic investments in key franchise brands such as D&D, Peppa Pig and transformers, We plan to expand our entertainment offerings into scripted television, digital shorts and blockbusters. We look forward to delighting audiences of all ages as we focus on delivering truly market-leading Hasbro IP-related entertainment,” Cocks added in his statement.
Hasbro has hired JP Morgan and Centerview Partners to assist with the sale process. eOne has a film and television library of approximately 6,500 titles and a branded film and scripted television business that produces and finances content such as dungeons and dragons: honor among thieves, Queen, yellow jacket and rookie Franchise.
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