DHX Media has signed a definitive agreement to acquire the entertainment division of Iconix Brand for $345 million in cash.
The acquisition includes taking an 80 per cent controlling interest in Peanuts and 100 per cent of Strawberry Shortcake. The remaining 20 per cent interest in Peanuts will continue to be held by members of the family of Charles M Schulz.
The total purchase price for the acquisition is $345 million, subject to a customary working capital adjustment to be paid through a combination of cash, new debt financing and a private placement offering.
The transaction is expected to close around June 30th 2017.
“Peanuts is one of the world’s greatest entertainment brands, with a tremendous global legacy of comics, animated content and consumer products reaching back almost 70 years,” said Dana Landry, CEO of DHX Media.
“We are thrilled by the opportunity to welcome Charlie Brown, Snoopy, Lucy, Linus and the entire Peanuts gang into our family of leading kids’ properties, including Teletubbies, Inspector Gadget, Caillou, Degrassi and others.”
Jean Schulz, widow of Charles M. Schulz, added: “DHX Media feels like a perfect fit for Peanuts.
“We respect its innovative and rich history with developing children’s shows and brands, and we look forward to working with Dana and his team to steward Peanuts in the future.”
Over the past ten years, DHX Media has become a global leader in children’s entertainment content, building scale across production, distribution and consumer products.
Landry continued: “Peanuts and Strawberry Shortcake have widespread, evergreen appeal that make them ideal for layering onto this platform, complementing our 450 title library, and significantly increasing our scale in consumer products.
“These brands are expected to drive meaningful growth across multiple revenue streams and we look forward to extending their reach to new generations of kids worldwide.”