PAWTUCKET, R.I.--(BUSINESS WIRE)--Jun. 12, 2018--
Inc. (NASDAQ: HAS) today announced it has closed the previously
announced acquisition of Saban Properties’ Power Rangers and other
Entertainment Assets. The transaction was funded through a combination
of cash and stock valued at $522 million.
“Power Rangers will benefit from execution across Hasbro’s Brand
Blueprint and distribution through our omni-channel retail relationships
globally,” said Brian Goldner, Hasbro’s chairman and chief executive
officer. “Informed by engaging, multi-screen entertainment, a robust and
innovative product line and consumer products opportunities all built on
the brand’s strong heritage of teamwork and inclusivity, we see a
tremendous future for Power Rangers as part of Hasbro’s brand portfolio.”
Hasbro previously paid Saban Brands$22.25 million pursuant to the Power
Rangers master toy license agreement, announced by the parties in
February of 2018, that was scheduled to begin in 2019. Those amounts
were credited against the purchase price. Upon closing, Hasbro paid
$131.23 million in cash (including a $1.48 million working capital
purchase price adjustment) and $25 million was placed into an escrow
account. An additional $75 million will be paid on January 3, 2019.
These payments are being funded by cash on the Company’s balance sheet.
In addition, the Company issued 3,074,190 shares of Hasbro common stock
to Saban Properties, valued at $270 million.
The transaction, including intangible amortization expense, is not
expected to have a material impact on Hasbro’s 2018 results of
Created by Haim Saban and launched in 1993, Mighty
Morphin Power Rangers quickly became a pop culture phenomenon.
Today, Power Rangers is one of the longest running kids’ live-action
series in television history with nearly 900 episodes produced to date.
The TV series, currently in its 25th season with Power
Rangers Super Ninja Steel, and feature films, including 2017’s movie
with Lionsgate, follows the adventures of a group of ordinary teens who
morph into superheroes and save the world from evil. Saban’s Power
Rangers currently airs in 150 markets around the world and is translated
into numerous languages.
The first set of Power Rangers products from Hasbro will be available in
As part of the transaction, Hasbro acquired Saban Properties’ interests
in several additional entertainment assets, including My Pet Monster,
Popples, Julius Jr., Luna Petunia, Treehouse Detectives and others.
J.P. Morgan Securities LLC served as financial advisor and Skadden,
Arps, Slate, Meagher & Flom LLP served as legal advisor to Hasbro in the
transaction. Goldman Sachs served as financial advisor and Paul Hastings
LLP served as legal advisor to Saban Properties in the transaction.
HAS) is a global play and entertainment company committed to Creating
the World's Best Play Experiences. From toys and games to television,
movies, digital gaming and consumer products, Hasbro offers a variety of
ways for audiences to experience its iconic brands, including NERF, MY
LITTLE PONY, TRANSFORMERS, PLAY-DOH, MONOPOLY, BABY ALIVE and MAGIC: THE
GATHERING, as well as premier partner brands. Through its entertainment
labels, Allspark Pictures and Allspark Animation, the Company is
building its brands globally through great storytelling and content on
all screens. Hasbro is committed to making the world a better place for
children and their families through corporate social responsibility and
philanthropy. Hasbro ranked No. 5 on the 2018 100 Best Corporate
Citizens list by CR Magazine and has been named one of the World’s Most
Ethical Companies® by Ethisphere Institute for the past seven years.
Learn more at www.hasbro.com,
and follow us on Twitter (@Hasbro & @HasbroNews)
and Instagram (@Hasbro).
Certain statements in this release contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of
1995. These statements include expectations concerning Hasbro’s
potential performance and the performance of the Power Rangers property
in the future, and may be identified by the use of forward-looking words
or phrases. Hasbro's actual actions or results may differ materially
from those expected or anticipated in the forward-looking statements due
to both known and unknown risks and uncertainties. Specific factors that
might cause such a difference include, but are not limited to: (i) the
Company’s ability to successfully develop and commercialize the brands
it is acquiring, and (ii) other risks and uncertainties as may be
detailed from time to time in the Company's public announcements and
Securities and Exchange Commission (“SEC”) filings. Hasbro undertakes no
obligation to make any revisions to the forward-looking statements
contained in this release or to update them to reflect events or
circumstances occurring after the date of this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180612006495/en/
Source: Hasbro, Inc.
Debbie Hancock, 401-727-5401
Julie Duffy, 401-727-5931