Hasbro’s board of directors has approved the $4 billion acquisition of Entertainment One, the global entertainment powerhouse confirmed Thursday afternoon.
The deal – that now puts the global toymaker in control of eOne’s IP such as the pre-school hit Peppa Pig and PJ Masks – was met with ‘overwhelming shareholder approval’ to allow for the takeover of the Candian indie studio.
The approval to put to bed any fears that may have surfaced when Entertainment One revealed a steep loss in its Q1 financials earlier this month. Hasbro will not hold its own special shareholders meeting, having already voted to back the acquisition.
In a statement, Brian Goldner, chairman and CEO of Hasbro, said: “Our two companies’ strategies are remarkably complementary, as we both build brands, creativity and storytelling.
“Together with eOne’s beloved global brands and expertise, we expect to leverage a combined portfolio with appeal to diverse audiences and consumers around the world.”
Entertainment One’s CEO, Darren Throop, said: “We are very much looking forward to capitalising on the new opportunities this creates across film, television, music, and family brands.
Entertainment One said that certain regulatory approvals and other closing conditions need to be secured before the transaction can be completed.