Leading Japanese electronics firm Sony has agreed to acquire 49% of Halifax-based DHX Media’s 80% stake in Peanuts Holdings, the owner of the Charlie Brown and Snoopy media brands, in a deal valued at CAD$237mn.
Once complete, Sony Music Entertainment will own 39% of Peanuts Holdings alongside DHX Media’s 41% stake, with the remaining 20% being retained by the family of Charles Shulz – the creator of the Peanuts brand who died in 2000.
Further, DHX Media has also extended its existing syndication and licensing partnership with Sony Creative Products, Sony’s consumer products arm located in Japan. In the eight years that Sony has represented the Peantus in Japan, the brand has seen a 200% growth.
“We are honoured to deepen our relationship with Sony Music Entertainment (Japan) as we continue our expansion of Peanuts globally,” said Michael Donovan, Executive Chair and CEO of DHX Media.
“This transaction will allow DHX Media to de-lever our balance sheet as we team up with an ideal partner to help us reach our worldwide growth targets for Peanuts in the coming years.”
The transaction is expected to complete before the end of June, subject to regulatory approval and other customary closing conditions.