Spin Master has struck a deal with the US toy firm, Ohio Art for the rights to the iconic drawing toy, Etch A Sketch.
In a surprise move from the US manufacturer, Ohio Art sold Etch A sketch and its spin off title Doodle Sketch to Toronto’s Spin Master for an undisclosed price.
The move comes as Ohio announces its intention to consider the future of the business as the sale leaves the firm with ‘more capital to focus on metal lithography.’
The Etch A Sketch was created by a French inventor in 1955 and has been produced or owned by Ohio Art since 1960, when it secured the rights for $250,000.
The sale to Spin Master has been called a ‘bittersweet moment’ for Ohio Art’s president, Martin Killgallon.
“I think it’s such an icon, it’s part of our everyday life here,” he said.
“It’ll be bittersweet, but we had to look at the long-term future of the business.”