Financial giant Blackstone is on the verge of acquiring a large bundle of music rights.
Hasbro has confirmed that it has entered into a definitive agreement to sell Entertainment One Music (eOne Music) to Blackstone-controlled companies for USD 385 million in cash.
The transaction is expected to close in the second or third quarter of 2021.
The deal will expand a portfolio of music companies under Blackstone, including music rights group SESAC.
MBW long predicted that Hasbro would outsource eOne Music after Hasbro took over operations from Entertainment One in a $ 4 billion buyout in August 2019.
EOne Music’s assets include the Death Row Records catalog and Dualtone Music Group, as well as production music house Audio Network, which eOne acquired in April 2019 for approximately $ 215 million.
Upon completion of the transaction, eOne Music will operate as a separate business unit under the direction of current Global President Chris Taylor and “focus on building a first music brand of global scale and expertise”.
Brian Goldner, Hasbro Chairman and CEO, said, “This transaction will ensure that eOne Music is well positioned to provide great opportunities for its many talented artists and partners as Hasbro continues to focus on the core strategic elements of our Brand Blueprint to this to further strengthen our position as a dedicated gaming and entertainment company. On behalf of the board of directors and Hasbro management, I would like to acknowledge the strong leadership of Chris Taylor and the entire eOne Music organization. “
“We want the creative community to know that we are focused, so that this only benefits them and the work we do together.”
Chris Taylor, eOne Music
Chris Taylor said, “I am very excited to continue to run and grow this extraordinary business. We want the creative community to know that we are focused, so that this only benefits them and our work together. I would also like to thank Brian Goldner and Hasbro for their support and partnership. “
As part of the Blackstone transaction, Entertainment One Canada Limited will sell its Canadian music division.
JP Morgan is acting as exclusive financial advisor to Hasbro on the transaction, Cravath, Swaine & Moore LLP, Mayer Brown International LLP and Stikeman Elliott LLP serving as legal advisor to Hasbro and Osler, and Hoskin & Harcourt LLP serving as legal advisor to Entertainment One Canada Limited.Music business worldwide