“This is a major step forward in DHX Media’s growth plans” says ceo.
DHX Media has successfully closed the $345 million acquisition of the entertainment division of Iconix Brand Group.
The deal – originally announced in May – includes an 80% controlling interest in Peanuts and 100% of Strawberry Shortcake. The remaining 20% interest in Peanuts will continue to be held by members of the family of Charles M. Schulz.
“Today we take the reins of one of the world’s best known kids’ and family properties, Peanuts. We do so with excitement and a great sense of respect. This is a major step forward in DHX Media’s growth plans,” said Dana Landry, ceo of DHX Media.
“Both Peanuts and Strawberry Shortcake are ideal properties to leverage across our global platform of content creation, distribution and consumer products. We firmly believe they will provide tremendous shareholder value.
“This transaction is immediately accretive to earnings per share and free cash flow, and we anticipate being able to realise significant cost and revenue synergies as we integrate these brands.”
Dana continued: “Peanuts is a ‘forever brand’ and as such, we expect to immediately benefit from strong, resilient cash flow from royalties on consumer products, driven by its massive global appeal.”
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