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Hasbro to sell eOne Music to Blackstone
By Andy Malt | Published on Tuesday 27 April 2021
When Hasbro bought EntertainmentOne a couple of years ago, many wondered what the toy maker would do with the various music companies in the entertainment firm’s portfolio. The answer is… nothing really, just sell them all. It has now been announced that Entertainment One Music is being spun off into a standalone company and sold to equity firm Blackstone.
Hasbro acquired the whole eOne company back in August 2019 for $4 billion. Its main interest seemed to be in the TV side of the company, particularly animation brands like ‘Peppa Pig’ and ‘PJ Masks’. However, the deal also brought it ownership of record label Dualtone, the Death Row Records catalogue, live firm Round Room, production music library Audio Network and a swathe of artist management operations – including Last Gang, People’s Champ, Nerve, Quiet As Kept, Amelia Artists, WRC and Hardlivings.
Blackstone will now acquire eOne Music for $385 million, pending regulator approval. It will be run as an independent company by its current Global President, Chris Taylor. Its aim, according to a press release, is to build “a creator-first music brand with global scale and expertise”.
“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”, says Hasbro CEO Brian Goldner. “On behalf of the board and Hasbro management, I want to recognise the strong leadership of Chris Taylor and the entire eOne Music organisation”.
Taylor adds: “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”.
The deal will also bring eOne Music under common ownership with US collecting society SESAC, which was acquired by Blackstone in 2017.
