In some of the most random news that came across most timelines, toy company now has ownership of the house that built. Hasbro now owns after acquiring Canadian company Entertainment One in a massive sweep of properties.
The combination will blend eOne preschool brands like Peppa Pig and PJ Masks with Hasbro’s TV and film expertise, which has taken a leap over the past decade through franchises like Transformers.
Under the deal, eOne shareholders will receive $6.86 in cash for each common share of eOne, which is a 31% premium to eOne’s 30-day volume weighted average price as of today.
In a conference call with investors, Hasbro CFO Deborah Thomas said the companies have identified about $130 million in cost synergies by 2022. The savings can be achieved through shifts like bringing licensing activities in-house, she said. CEO Brian Goldner said the $130 million is cost savings only, not revenue opportunities.
As noted by Rolling Stone, Entertainment One, one of the larger independent music labels, which acquired Death Row’s catalog back in 2013.
As one can image, the reaction on social media has been amazing thus far and Death Row Records is currently trending on Twitter. We’ve got some of the reactions below.