Hasbro sells EOne TV studio to Lions Gate
LA TimesLions Gate Entertainment has agreed to buy the EOne film and TV studio from toymaker Hasbro for $375 million in cash plus the assumption of loans. Existing titles include the reality show “Naked and Afraid” and a distribution arm for popular series such as “The Walking Dead.” Hasbro, which gained the popular “Peppa Pig” kids franchise when it acquired the studio in 2019 for $4 billion, has been selling EOne divisions it doesn’t consider central to its strategy. Chris Cocks, Hasbro’s chief executive officer, said in the statement that the sale would allow the company to “focus on our core toy and game expertise.” The deal has been approved by both companies’ boards and is expected to close by the end of the year, subject to regulatory approvals. Hasbro’s franchise segment, which is Hasbro’s largest sales driver and now includes “Peppa Pig” and other brands such as “Dungeons & Dragons,” saw its net revenue fall in the second quarter by 5% from a year earlier to $788.4 million.