Hasbro will move to an “asset-lite model for future live action entertainment” following the $500M eOne sale, according to CEO Chris Cocks.<\/p>\n

Speaking as the toy giant unveiled the eOne deal plus Q2 earnings, Cocks said that, going forwards, Hasbro will rely on licensing and partnerships with select co-production partners. He cited the likes of the upcoming Transformers One <\/em>animation and the Dungeons & Dragons <\/em>TV series as examples, both of which are being made with Paramount.<\/p>\n

Deadline revealed Lionsgate was in pole position to buy on-the-block Woman King <\/em>studio eOne several weeks ago and confirmation came early this morning. <\/p>\n

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Hasbro acquired eOne in 2019 for $4B but sold the studio for just $500M, although it keeps hold of around 15% – the lucrative family brands division that houses staples such as Peppa Pig <\/em>and PJ Masks. <\/em>Around 20% of eOne’s film and TV staff have been impacted by layoffs over the past few months.<\/p>\n

The sale will be used to pay down a minimum $400M in floating rate debt, according to Hasbro, and Cocks said the move will “give us greater focus and financial flexibility moving forward.”<\/p>\n

Hasbro revenues fell by 10% to $1.2B for the quarter, while adjusted operating profit nearly halved to $136M.<\/p>\n

Elaborating on the eOne sale, Cocks said “necessary choices are being taken to right-size our entertainment footprint.”<\/p>\n

“Hasbro Entertainment will have a new marquee mission to develop, finance and produce entertainment based on the rich vault of Hasbro-owned brands,” he added. “While the next six months will lead to entertainment headwinds, we will emerge a more profitable business.”<\/p>\n

The outlook for entertainment over the coming months has been downgraded by Hasbro slightly, in part due to the Hollywood strikes, the company said.<\/p>\n

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Hasbro will move to an “asset-lite model for future live action entertainment” following the $500M eOne sale, according to CEO Chris Cocks. Speaking as the […]<\/p>\n","protected":false},"author":3,"featured_media":133830,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\n