May 10, 2017 / 11:26 AM / 2 years ago

DHX Media to buy Strawberry Shortcake brand, Peanuts stake

May 10 (Reuters) - DHX Media Ltd said it would buy the entertainment division of Iconix Brand Group Inc, including the Strawberry Shortcake brand and an 80 pct stake in the Peanuts brand, for $345 million.

Reuters reported in January that Iconix was exploring a sale of its majority stake in Peanuts Worldwide LLC, which owns the rights to cartoon strip characters Snoopy and Charlie Brown.

The deal value will be financed through a combination of cash on hand, new debt financing facility and a private placement offering of subscription receipts exchangeable for convertible debentures, DHX said.

DHX Media, which owns rights to popular children’s television shows including “Bob the Builder” and “Teletubbies”, said the deal would be 6 percent to 10 percent accretive to earnings per share, on a pro forma basis. (Reporting by Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta)

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