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U.S. toy maker Hasbro has completed the sale of Entertainment One Music, the Peppa Pig studio’s legacy music business, as part of a $385 million deal.
The division was sold to entities controlled by Blackstone, which also own SESAC, a leading music rights organization purchased for a reported $1 billion in 2017. As part of the transaction, Entertainment One Canada has sold off the local music division of eOne.
The music group will now operate as a separate business unit headed by Chris Taylor, global president, who will focus on building a creator-first music brand with global scale and expertise, Hasbro said on Tuesday. The U.S. toy giant intends to use the proceeds from the sale to reduce its overall debt load and other general corporate purposes.
The deal for Entertainment One Music follows Hasbro acquiring eOne for $3.8 billion as part of a 2019 merger deal for the Canadian indie film and TV studio and distributor. That transaction included the eOne kids series Peppa Pig and PJ Masks and other top properties like Nickelodeon’s Ricky Zoom.
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