Specifically, it is selling eOne Music to entities controlled by Blackstone, which also owns SESAC, a leading music rights organization. Subsequent to the closing, eOne Music will operate as a separate business unit headed by current president Chris Taylor, a music industry veteran.
Hasbro acquire the music unit along with its 2019 acquisition of Canada’s Entertainment One.
“This transaction will ensure that eOne Music is well positioned to unlock great opportunities for its many talented artists and partners, as Hasbro continues to focus on the core strategic elements of … play and entertainment,” said Brian Goldner, CEO of the Pawtucket, RI-based Hasbro.
Hasbro said it intends to use its net proceeds from the sale to pay down down debt and other general corporate purposes. The deal is expected to close in the second or third quarter of 2021.
Hasbro brands include Magic: The Gathering, Nerf, My Little Pony, Transformers, Play-Doh, Monopoly, Dungeons & Dragons, Power Rangers, Peppa Pig and PJ Masks.