Global entertainment and toy company Hasbro finalized its acquisition of Toronto-based studio Entertainment One (eOne) as 2019 came to a close on Dec. 30.
The all-cash transaction, valued at £2.9 billion (US$3.8 billion), was first announced in August of last year and is based on the consideration of £5.60 (US$7.36) per common share of eOne.
Through the deal, Hasbro takes ownership of the company’s entire film and TV production slate, including such unscripted series as WE tv’s Growing Up Hip Hop franchise; MTV’s Ex on the Beach and Siesta Key; BET’s Hustle in Brooklyn and Death Row Chronicles; Showtime’s Ready For War from director Andrew Renzi; and A&E’s Biggie: The Life of Notorious B.I.G., as well as the Emmy-nominated LA Burning: The Riots 25 Years Later.
eOne will look to leverage its capabilities in high-quality scripted and unscripted television development and production in an effort to bolster Hasbro’s “end-to-end ability to monetize and bring to market its IP” in a variety of formats, including OTT and premium platforms, music, location-based entertainment, AR and VR.
Under terms of the deal, eOne executives will join the Hasbro team, with Darren Throop, president and CEO of eOne, reporting to Hasbro chairman and CEO Brian Goldner. Additionally, eOne’s Olivier Dumont, president of family and brands; Steve Bertram, president of film and television; and Chris Taylor, global president of music, will also be joining Hasbro and reporting to Throop.
The merged company will now include eOne’s network, which includes offices in Toronto, Los Angeles and London, among others.
eOne’s Canadian TV and film operations, however, will continue as a distinct Canadian-controlled business within the combined business.
“Our businesses are highly complementary with substantial synergies and a great cultural fit,” said Goldner in a statement. “The addition of eOne accelerates our blueprint strategy by expanding our brand portfolio with eOne’s beloved global preschool brands, adding proven TV and film expertise, and creating additional opportunities for long-term profitable growth. We are pleased to welcome the incredibly talented eOne team to our company.”
(With files from Playback’s Kelly Townsend)