Hasbro ( NASDAQ: HAS ) is said to be conducting a review of its entertainment strategy and may decide to sell the assets.
The toymaker is weighing moving the existing staff in its entertainment unit to focus on making banded entertainment such as "Peppa Pig" movies and would shut down working on projects such as "Designated Survivor," according to a Bloomberg report from Sunday, which cited people familiar. Hasbro ( HAS ) is also looking at the option of selling off the entertainment assets it doesn't want.
Hasbro told Bloomberg in response to the story that the toymaker is "always opens to new and better ways to tell stories that bring people together through the power of play via our world-class family of brands."
The Bloomberg report comes after activists have targeted Hasbro ( HAS ) this year and called for the company to spin off its popular Wizards of Coast division and one activist, Ancora, was pushing the toymaker to consider selling its Entertainment One division .
Ancora wants the company to pursue a partial or full sale of Entertainment One , the unit Hasbro acquired for more than $4 billon in 2019 that's focused on content product. Hasbro ( HAS ) could potentially recoup up to $2 billion through sale of eOne and gain "meaningful" future tax benefits associated with the acknowledged loss, Ancora argued in the letter earlier this year.
In June Hasbro ( HAS ) won a proxy fight against activist Alta Fox Capital and rejected the call for the company to spin off the Wizards of Coast unit.
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Hasbro said to consider sale or restructuring of entertainment assets - report