Hasbro has entered into a definitive agreement to sell eOne Music for $385 million in cash.
The transaction has been approved by the board of directors of Hasbro and Entertainment One Canada Limited. It is subject to closing conditions and receipt of regulatory approvals.
eOne Music will be acquired by entities controlled by Blackstone, which also owns music rights organisation SESAC.
Subsequent to the closing of the transaction, eOne Music will operate as a separate business unit headed by its current global president, Chris Taylor, and will “focus on building a creator-first music brand with global scale and expertise”, according to a statement.
“I’m excited to continue to lead and grow this exceptional business,” said Taylor (pictured, left, with Ted May, MD, UK & head of international, music). “We want the creative community to know that we are focused on making sure that this only benefits them and the work we do together. I also want to thank Brian Goldner and Hasbro for their support and partnership.”
eOne Music was acquired by Hasbro in 2019 as part of its overall deal to buy Entertainment One.
“This transaction will ensure that eOne Music is well positioned to unlock great opportunities for its many talented artists and partners, as Hasbro continues to focus on the core strategic elements of our Brand Blueprint to further strengthen our position as a purpose-led play and entertainment company,” said Brian Goldner, Hasbro’s chairman and CEO. “On behalf of the Board and Hasbro management, I want to recognize the strong leadership of Chris Taylor and the entire eOne Music organisation.”
Subscribers can read last year’s Music Week eOne cover feature here.