News
TV-Loonland offloads part of film library
Samantha Loveday May 14 2008, 9:50am
Firm sells rights in Hasbro Classics Library to Hasbro for $7 million as part of company restructure.
TV-Loonland has sold its rights in the Hasbro Classics film library to Hasbro for $7 million - money which will go towards repaying the company's outstanding debts.
The Hasbro Classics Library includes titles such as Transformers, My Little Pony and GI Joe. The programmes were initially acquired by TV-Loonland from Sony BMG back in December 2000.
"We are delighted to have concluded this agreement with our friends at Hasbro," said Simon Flamank, CEO of TV-Loonland. "Given the life cycle of any property and also Hasbro's future plans for the distribution and exploitation of those properties, this was a deal that perfectly fitted both parties commercial objectives.
"We have enjoyed working closely with Hasbro and all of their teams over the course of the last two years, and we look forward to continuing those relationships in the future.
"For TV-Loonland AG, this deal not only allows us to repay the greater majority of all of our outstanding debt, it also provides us with the platform from which to take further commercial decisions regarding the future direction of the group and the new properties that we have been developing."
Flamank continued: "We also hope to be in a position very shortly to report further news on the sale process for our Metrodome subsidiary to our shareholders.
"The remaining operative business and its current attractive properties such as Little Princess, The Owl, Raymond, Penelope and Pat & Stan will now benefit from our Hasbro transaction as we look to increase the value of the company again."
Brian Goldner, Hasbro's COO, added: "Entertainment is becoming increasingly important in helping us to strengthen and build our brands globally, and this will enable us to engage consumers in new and exciting ways."
