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The company bought eOne, the maker of the popular children’s TV show “Peppa Pig”, for about $4 billion in 2019. Hasbro (NASDAQ:HAS) said Peppa Pig was not included in the business it was putting up for sale.
Hasbro, which is facing an inflation-induced slowdown in demand for toys ahead of the holiday season, told investors in October it was aiming to cut up to $300 million in annual costs and focus its business on “fewer, bigger more profitable brands” including Peppa Pig, Transformers, and Dungeons & Dragons.
“We received inbound interest from several parties for the part of the eOne television and film business that while valuable is not core to our go-forward strategy,” Hasbro Chief Executive Officer Chris Cocks said.
Hasbro’s shares, which have lost close to half their value this year, rose 1.6% on Thursday.
J.P. Morgan and Centerview Partners are assisting with Hasbro’s sale process.
Hasbro already sold eOne’s music business for $385 million last year.
