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Entertainment NewsHasbro's Entertainment One Film and TV Unit to be Acquired by Lionsgate...

Hasbro’s Entertainment One Film and TV Unit to be Acquired by Lionsgate for $500 Million

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On Thursday, Lionsgate revealed its plan to purchase Hasbro's One and TV business for $500 million.

The deal is set to include $375 million in cash, subject to specific purchase price adjustments and the assumption of production financing loans. Both companies boards of directors have approved the transaction, pending customary closing conditions and regulatory approvals, and it is expected to be finalized by the end of 2023.

The acquisition encompasses a diverse content library of nearly 6,500 titles, including active productions for non-Hasbro-owned intellectual properties (IP) such as The Rookie, Yellowjackets, and Naked and Afraid franchises. Additionally, it includes the eOne unscripted business and rights for certain Hasbro-based shows like Play-Doh Squished. The sale also involves Hasbro's interest in the Canadian film and TV operations of Entertainment One Limited. Notable works produced and financed by the eOne branded film business include Dungeons & Dragons: Honor Among Thieves and The Woman King.

Lionsgate CEO, Jon Feltheimer, expressed his enthusiasm for the acquisition, stating that it aligns with their core strengths and will be immediately and significantly beneficial. The deal will add a world-class library with thousands of properties, bolster their scripted and unscripted business, and further expand their presence in Canada and the U.K. Feltheimer also emphasized the long-standing relationship with eOne's talented team, solidifying Lionsgate's position as a leading content platform with a unique portfolio of assets and intellectual properties.

Hasbro announced the sale of eOne in November and engaged J.P. Morgan and Centerview Partners to facilitate the process. The toy manufacturer acquired the Toronto-based studio in 2019 to consolidate its entertainment assets. However, the pandemic disrupted Hasbro's media strategy due to production shutdowns and content delivery delays as the industry reopened. Consequently, under the leadership of CEO Chris Cocks, the company shifted its focus towards becoming a digital gaming powerhouse after successfully handling a proxy battle with activist investor Alta Fox Capital Management.

With the sale of the eOne division, Hasbro is to reinvest in fewer but more profitable properties through partnerships with external entities, thereby reducing costs and risks. Chris Cocks, CEO of Hasbro, expressed satisfaction with the outcome, stating that the sale aligns perfectly with their strategic vision. Lionsgate's management team's experience in the entertainment industry and ability to drive value made them an ideal home for eOne's film and TV business.

Lionsgate received advice from Jefferies & Co., Ernst & Young, and Sheppard Mullin, while J.P. Morgan and Centerview Partners acted as lead financial advisors for Hasbro. Cravath, Swaine & Moore LLP, Mayer Brown LLP, and Stikeman Elliott LLP provided legal counsel for Hasbro. Osler, Hoskin & Harcourt LLP served as legal counsel for Entertainment One Canada.

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Megan Dianehttps://www.projectcasting.com
Hi, I'm Megan Browne, the Head of Partnerships at Project Casting - a job board for the entertainment industry. As Head of Partnerships, I help businesses find the best talent for their influencer campaigns, photo shoots, and film productions. Creating these partnerships has enabled me to help businesses scale and reach their true potential. I'm excited to continue driving growth by connecting people with projects they're passionate about.

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