'Teletubbies' Owner DHX Media Up for Sale
The Canadian company last year bought a controlling stake in the Snoopy and Charlie Brown brands for $345 million in cash.
Canadian kids producer DHX Media, which last year bought a controlling stake in the Snoopy and Charlie Brown character brands for $345 million, has put itself up for sale.
DHX Media, which also has the Teletubbies characters in its stable, said it has launched a search for strategic alternatives, to include a possible sale of the company or a merger. "There can be no assurance that the exploration of strategic alternatives will result in a transaction," the Halifax, Nova Scotia-based company said in a statement.
Raising a for-sale sign follows the Canadian company's unveiling disappointing financial results. DHX Media last year bought the Peanuts and Strawberry Shortcake brands from Iconix Brand Group for $345 million in cash.
The deal included DHX taking an 80 percent stake in the Peanuts Worldwide LLC property, with the remaining 20 percent stake being retained by the estate of Charles Schulz, who created the popular cartoon comic strip characters.
The Canadian company built up its programming catalog by acquiring rival Canadian producer Cookie Jar Entertainment and its classic programming like Arthur, Caillou and Care Bears and Teletubbies owner Ragdoll Worldwide.