DHX Media has closed its sale of the minority stake in Peanuts Worldwide to Sony Music Entertainment.
Under the deal, Sony Music Entertainment has indirectly acquired 49 percent of DHX Media’s 80 percent interest in Peanuts, worth CAD 235.6 million in cash. DHX Media now owns 41 percent of Peanuts, Sony Music owns 39 percent and members of the family of Charles M. Schulz own 20 percent.
Michael Donovan, Executive Chair, and CEO, DHX Media, said, “Through this transaction, we have reduced our debt while retaining control of Peanuts and strengthening our relationship with a world-leading entertainment and consumer products company. Peanuts are enormously popular around the world, and we look forward to working with Sony to continue driving growth for Charlie Brown, Snoopy and the rest of the Peanuts gang.”
The parties have also finalized their agreement to extend the duration of the existing licensing and syndication agency agreement with Sony’s consumer products division — Sony Creative Products.
DHX Media owns the world’s largest independent library of children’s content, at 13,000 half-hours. It licenses its content to broadcasters and streaming services worldwide and generates royalties through its global consumer products program.