2023-08-02 22:30:21 ET
Lions Gate Entertainment ( NYSE: LGF.A ) is close to a deal to purchase Hasbro's ( NASDAQ: HAS ) Eone film and TV business for just under $400 million. Hasbro rose 1% in after hours trading.
A transaction may be announced as soon as this week, according to a Bloomberg report on Wednesday, which cited people familiar with the matter.
The transaction is expected to delay Lions Gate' s spinoff of its Starz TV business from September until the end of the year, according to the report.
The report comes after Hasbro ( HAS ) confirmed in November that its board has authorized a sale process for part of its Eone TV and film business. Bloomberg reported in April that Hasbro was talking to the founder of its EOne studio about selling the assets back to him.
The toymaker was reported late last year to be seeking a buyer for most of the unit , which it acquired in 2019 for more than $4B. And it's been selling off pieces of EOne it hasn't considered core to its strategy, such as the unit's music business.
Hasbro ( HAS ) is scheduled to report Q2 results on Thursday.
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Lions Gate near deal to buy Hasbro's TV and film business for $400M - Bloomberg