Reports from Australia revealed that the firm had sold two of its original games - Fact or Crap and Battle of the Sexes - to Spin Master for AUS$24m. However, it appears Spin Master wanted to keep its entry into the games market quiet, leading to some confusion at retail.
Spin Master has acquired the worldwide rights to eight of Imagination's brands, namely Battle of the Sexes; Beat The Parents; Fact or Crap; Left Center Right; Quelf; Scabs ‘n Guts; Urban Myth and Would You Rather…?.
It will take ownership and management of all existing open orders, any new orders and brand marketing initiatives for the acquired brands in the US.
However, Imagination will continue to market and distribute the acquired brands in Australia, New Zealand and the UK under license from Spin Master, as well as retaining and continuing the direct distribution of existing portfolio brands in North America.
David Snow, UK sales and marketing director, explained: "We have completed a deal to sell some of our key brands whilst retaining distribution rights outside America. So as far as Imagination UK is concerned it is business as usual as we look forward to a strong Christmas with our retail partners furthering our joint growth plans."
Imagination will continue to develop new products and will be launching new lines for 2011 at the Dallas Fall Toy Preview.