Hasbro looks to offload part of eOne TV production business
Reuters
Published Nov 17, 2022 09:15AM ET
Updated Nov 17, 2022 12:38PM ET
(Reuters) -Hasbro Inc said on Thursday it was looking to sell a part of its eOne entertainment production unit, including TV shows "Yellowjackets" and "The Rookie", as the toymaker looks to streamline its business and focus on more profitable brands.
The company bought eOne, the maker of the popular children's TV show "Peppa Pig", for about $4 billion in 2019. Hasbro (NASDAQ:HAS) said Peppa Pig was not included in the business it was putting up for sale.
Hasbro, which is facing an inflation-induced slowdown in demand for toys ahead of the holiday season, told investors in October it was aiming to cut up to $300 million in annual costs and focus its business on "fewer, bigger more profitable brands" including Peppa Pig, Transformers, and Dungeons & Dragons.
"We received inbound interest from several parties for the part of the eOne television and film business that while valuable is not core to our go-forward strategy," Hasbro Chief Executive Officer Chris Cocks said.
Hasbro's shares, which have lost close to half their value this year, rose 1.6% on Thursday.
J.P. Morgan and Centerview Partners are assisting with Hasbro's sale process.
Hasbro already sold eOne's music business for $385 million last year.
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Written By: Reuters
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