Hasbro’s eOne U-Turn: Behind Toymaker’s Decision To Sell Indie Film & TV Studio & What’s Next
18.11.2022 - 17:35
/ deadline.com
After more than a year and a half of development, eOne recently started shopping its Dungeons & Dragons live-action TV series. Shepherded by Red Notice filmmaker Rawson Marshall Thurber, it is based on Hasbro’s wildly popular fantasy role-playing game franchise.
The series was conceived as eOne’s priciest, largest-scope projects ever, a drama that would demonstrate the full potential of Hasbro’s 2019 acquisition of the indie film and TV studio. It started garnering bids and all seemed to be going according to plan — until the process was interrupted yesterday by the toymaker’s announcement that it plans to sell eOne’s film and TV businesses.
While Hasbro has been preparing for a potential sale of most of eOne’s assets for quite a while, working with J.P. Morgan and Centerview Partners, the timing of the latest news is raising eyebrows. M&A activity has become complicated by economic conditions of late, with rising interest rates frustrating some dealmakers since many acquisitions depend on loans and money has become significantly more expensive to borrow. Additionally, the sales process is officially launching a week before Thanksgiving, bringing anxiety over job security for eOne staffers as they head into the holiday season at end of the year.
What exactly is for sale?
Prior to eOne’s 2019 acquisition by Hasbro for $4B, the company was divided into three divisions: Music; Family Brands, which included such staples as Peppa Pig and PJ Masks, as well as all licensing merchandising-related products; and Film and TV.
Hasbro has since sold eOne’s music business to private equity firm Blackstone last year for $385 million. The family brands business has been rolled into Hasbro’s brands licensing and merchandising
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