(CelebrityAccess) — Hasbro announced it has completed the sale of its Entertainment One Music business for a cool $385 million in cash to a group of investors backed by private equity titan Blackstone.
Following the closing of the deal, eOne will operate as a separate business unit, led by its current Global President, Chris Taylor with a focus on building a ‘creator-first’ music brand.
eOne Music represents a substantial artist roster that includes both well-established legacy artists, as well as contemporary talent including Noble Oak, The Lumineers, Shakey Graves, Shovel & Rope, Waka Flocka Flame, Wu-Tang Clan, Snoop Dogg, MSTRKRFT, Chuck Berry, and Plague Years, among others.
Blackstone’s entertainment portfolio also includes SESAC, the music rights organization.
J.P. Morgan acted as exclusive financial advisor to Hasbro on the transaction, Cravath, Swaine & Moore LLP, Mayer Brown International LLP and Stikeman Elliott LLP acted as legal counsel to Hasbro and Osler, Hoskin & Harcourt LLP acted as legal counsel to Entertainment One Canada Limited.
Hasbro says it plans to use the cash injection realized in the sale to accelerate its deleveraging process.