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Hasbro Inc., the publisher of the popular Monopoly and UNO games, said on Thursday, Aug. 3, that it is discarding its Entertainment One Toronto-based entertainment unit. It was also revealed that Lionsgate Entertainment Corporation is buying it for $500 million.
Entertainment One Ltd. which is trading in the business as eOne, is being sold by Hasbro to Lionsgate to focus on the company’s more profitable subsidiaries and brands. The acquisition deal will include eOne’s 6,500 TV and film titles, such as “The Rookie” and "Yellowjackets."
The board members of both Lionsgate and Hasbro have already approved the acquisition, so they are expecting to close the deal before this year ends. According to Reuters, Hasbro shared it will use the earnings from the sale to pay off at least $400 million in debt by the end of 2023. The rest would be directed to other purposes within the corporate division.
Moreover, The Hollywood Reporter reported that once Hasbro completes the sale of its eOne division film and TV units, it plans to reinvest in its other properties and do it with partners to minimize costs and risks.
“This sale fully aligns with our strategy, and we are pleased to bring the process to a successful close,” Chris Cocks, chief executive officer of Hasbro, said in a press release. “Lionsgate’s management team is experienced in entertainment and adept at driving value, and we’re glad to have found such a good home for our eOne film & TV business. We look forward to partnering with them, especially on a movie adaptation of Monopoly.”
He added, “Entertainment remains a priority for Hasbro and it will continue to develop and produce entertainment based on the rich vault of Hasbro-owned brands. We will also bring to life new original ideas designed to fuel all areas of Hasbro’s blueprint including toys, publishing, gaming, licensed consumer products, and location-based entertainment.”
Photo by: Gage Skidmore/Flickr (CC BY-SA 2.0)
