Hasbro Sells eOne Music to Blackstone for $385 Million
The toy company had acquired the music division in 2019
Published Apr 27, 2021Having acquired Entertainment One — or eOne as it's widely known — in a 2019 buyout, American toymaker Hasbro has now announced the sale of the Canadian company's music division to the private equity corporation Blackstone.
Following the $385 million USD cash transaction, expected to close in the second or third quarter of 2021, eOne Music will operate as a separate business unit under current president Chris Taylor.
The subsidiary labels owned by eOne Music include Audio Network, Dualtone Music Group, Last Gang Records, Round Room and storied rap label Death Row Records.
The company also includes live touring and artist management divisions. Blackstone adds eOne Music to a portfolio that already include performance-rights organization SESAC.
"This transaction will ensure that eOne Music is well positioned to unlock great opportunities for its many talented artists and partners, as Hasbro continues to focus on the core strategic elements of our Brand Blueprint to further strengthen our position as a purpose‐led play and entertainment company," Hasbro cairman and CEO Brian Goldner shared in a statement. "On behalf of the Board and Hasbro management, I want to recognize the strong leadership of Chris Taylor and the entire eOne Music organization."
Taylor added: "I'm excited to continue to lead and grow this exceptional business. We want the creative community to know that we are focused on making sure that this only benefits them and the work we do together. I also want to thank Brian Goldner and Hasbro for their support and partnership."