Lions Gate Entertainment Corp. (NYSE:LGF.A) entered into an agreement to acquire Entertainment One Ltd. from Hasbro, Inc. for approximately $500 million.
August 02, 2023
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Lions Gate Entertainment Corp. (NYSE:LGF.A) entered into an agreement to acquire Entertainment One Ltd. from Hasbro, Inc. (NasdaqGS:HAS) for approximately $500 million on August 3, 2023. The transaction is valued at approximately $500 million, comprised of cash of $375 million subject to additional purchase price adjustments, and the assumption of production financing loans. As part of the agreement, Lionsgate also will acquire film development rights to Hasbro?s Monopoly, based on the wildly popular board game. The agreement is subject to Hart-Scott-Rodino approval, receipt of regulatory approvals and other customary closing conditions. The transaction has been approved by both companies? Boards of Directors. The transaction has also been approved by Entertainment One?s Board of Directors. The transaction is expected to close by the end of 2023. Hasbro will use the proceeds to retire a minimum of $400 million of floating rate debt by the end of the year, and for other general corporate purposes.
Jefferies & Co., Ernst & Young and Sheppard Mullin advised Lionsgate on the transaction. J.P. Morgan and Centerview Partners served as lead financial advisors to Hasbro in the transaction. Cravath, Swaine & Moore LLP, Mayer Brown International LLP and Stikeman Elliott LLP are acting as legal counsel to Hasbro and Osler, Hoskin & Harcourt LLP is acting as legal counsel to Entertainment One.
Lions Gate Entertainment Corp. encompasses motion picture and television studio operations and the STARZ premium global subscription platform. The Company's segments include Motion Picture, Television Production and Media Networks. The Company refers to its Motion Picture and Television Production segments collectively as its Studio Business. The Motion Picture segment consists of the development and production of feature films, acquisition of North American and worldwide distribution rights, North American theatrical, home entertainment and television distribution of feature films produced and acquired, and worldwide licensing of distribution rights to feature films produced and acquired. The Television Production segment consists of the development, production and worldwide distribution of television productions including television series, television movies and mini-series, and non-fiction programming. The Media Networks segment consists of Starz Networks and LIONSGATE+.
Lions Gate Entertainment Corp. (NYSE: LGF.A) entered into an agreement to acquire Entertainment One Ltd. from Hasbro, Inc. for approximately $500 million.