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Following the death of its longtime CEO Brian Goldner earlier this month, toy and entertainment company Hasbro says it plans to lean even further into Goldner’s strategy of turning the company into a power player in entertainment and games.
Speaking on the company’s third quarter earnings call Tuesday morning, interim CEO Rich Stoddart mourned Goldner, saying he was a “true visionary” who “changed the game completely [and] believed in the power of a story,” adding that during his tenure “the company transformed its talent, its strategy, it brands and its potential.”
The central pillar of that pivot was what Goldner called Hasbro’s “Brand Blueprint” strategy, one that would push the company further into gaming and entertainment. The company said the “culmination” of that strategy was the acquisition of the production company Entertainment One.
Stoddart said Tuesday that the company’s plan going forward would be to “supercharge the blueprint and build on the company’s strong momentum.”
“The commitment and belief in the brand blueprint as the strategy going forward is greater than it has ever been,” he added.
Stoddart went on to use what he called a “Brian-ism”: “This is not a point of arrival, but a point of departure. This is the beginning of the blueprint proving itself in the world,” Stoddart said.
He also added that Hasbro’s board was “well underway” on the search for Goldner’s successor as permanent CEO. “Our board is and always has been actively engaged in succession planning.”
In Q3, Hasbro’s earnings were driven by its entertainment and gaming divisions, as its consumer products division continues to grapple with “supply chain disruption, including limited capacity and port congestion,” the company said.
Its entertainment division, led by eOne, had revenue of $327 million, up 76 percent from a year earlier when the pandemic was still disrupting TV and film productions. Profits were $42.1 million. The results were driven by deliveries of The Rookie and Yellowjackets, as well as the debut of My Little Pony: A New Generation on Netflix and kids fare Peppa Pig and PJ Masks.
eOne CEO Darren Throop said on the call that his company was developing more than 30 Hasbro brands into potential film and TV content, with established IP like Transformers set to be featured in new films, animated series and other projects.
“You will see that across the entire Hasbro portfolio,” Throop said.
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