Hasbro ‘pretty far advanced’ in eOne sale process says CEO Chris Cocks

Hasbro’s film and TV business makes content such as Yellowjackets

Toy giant Hasbro is “pretty far advanced” in its process to offload global studio Entertainment One (eOne), according to CEO Chris Cocks.

Speaking during Hasbro’s fourth-quarter earnings call on Thursday, Cocks said the Rhode Island-based company has received ”strong interest” from potential bidders and expects to have an update in the coming months.

“Our sales process for the majority of eOne Film and TV is well underway, with strong interest in these valuable assets. We expect to have an update in the second quarter,” he told investors.

Cocks’ comments come three months after Hasbro confirmed that it was putting the majority of eOne up for sale, less than three years after it acquired the studio for around US$4bn.

Assets up for sale include the 6,500-title content library; the non-Hasbro-branded film and scripted TV business, which produces and finances titles such as The Rookie franchise, Yellowjackets and feature film The Woman King; Hasbro’s interest in eOne’s Canadian film and TV business; and eOne’s unscripted division, which produces titles including the Naked & Afraid franchise. Not included in the sale are assets such as juggernaut preschool franchise Peppa Pig.

Cocks did not elaborate on whether prospective buyers are looking to buy eOne in parts or as a whole.

Given that Hasbro completed its acquisition of eOne in 2019, when valuations were near their highest, their remains a big question around the price Hasbro can fetch for the company without its billion-dollar Peppa Pig franchise.

Deborah Thomas, Hasbro’s exec VP and chief financial officer, added that if a transaction is finalised, the company will “prioritise the sale proceeds for paying down debt.”

The decision to sell eOne came after Hasbro conducted a nine-month strategic review, with the US toy firm ultimately opting to exit non-core businesses and focus on “fewer, bigger brands.”

Since acquiring eOne, Hasbro has sold music publishing company eOne Music to Blackstone and also closed certain divisions, including Toronto-based, eOne-owned VR studio Secret Location. Longtime eOne president and CEO Darren Throop stepped down from the role at the end of 2022 when his contract expired.