PAWTUCKET, R.I. (CelebrityAccess) — Toymaker and media conglomerate Hasbro, Inc. announced it has sealed a deal to sell the music division of Entertainment One (eOne Music) to private equity titan Blackstone for $385 million in cash.
Following the transaction eOne Music will operate as a separate business unit, led by its current president Chris Taylor. As part of the transaction, Entertainment One Canada Limited will sell the Canadian music division.
eOne Music includes a live touring and artist management divisions, as well as recorded music and publishing. eOne’s labels include Audio Network, Dualtone Music Group, Last Gang Records, and Round Room, along with the publishing catalog of noted rap label Death Row Records.
“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 our Brand Blueprint to further strengthen our position as a purpose‐led play and entertainment company. On behalf of the Board and Hasbro management, I want to recognize the strong leadership of Chris Taylor and the entire eOne Music organization,” said Brian Goldner, Hasbro’s Chairman and CEO.
“I’m excited to continue to lead and grow this exceptional business. We want the creative community to know that we are focused on making sure that this only benefits them and the work we do together. I also want to thank Brian Goldner and Hasbro for their support and partnership,” added Taylor.
Hasbro acquired eOne in 2019 for a reported $3.8 billion in cash, acquiring popular family friendly IP in eOne’s portfolio such as Peppa Pig, PJ Masks, and Ricky Zoom.
Hasbro said intends to use the proceeds from the sale to accelerate deleveraging and other general corporate purposes. eOne music will join Blackstone’s entertainment portfolio, which also includes royalties collection society SESAC.
The transaction is expected to close in the second or third quarter of 2021.