DHX Media Closes Sale to Sony of Minority Stake in Peanuts
DHX MEDIA LTD VARIABLE VOTING SHARES (DHXM)
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dhxmedia.com/newsreleases/dhx-media-institutes-previously-announced-dual-share-class-structure
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Source: PR Newswire
HALIFAX, July 23, 2018 /PRNewswire/ - DHX Media (or the "Company") (TSX: DHX, NASDAQ: DHXM), a global children's content and brands company, has closed its previously announced sale of a minority stake in Peanuts to Sony Music Entertainment (Japan) Inc. ("SMEJ"). SMEJ has indirectly purchased 49% of DHX Media's 80% interest in Peanuts for C$235.6 million in cash, subject to certain adjustments contemplated in the original agreement. DHX Media now owns 41% of Peanuts, SMEJ owns 39%, and the members of the family of Charles M. Schulz retain their 20% interest. DHX Media and SMEJ have also completed their agreement to extend the duration of the current Licensing and Syndication Agency agreement with SMEJ's consumer products division, Sony Creative Products Inc. ("SCP") in Japan, where SCP has successfully grown the Peanuts business by over 200% as its agent since 2010. Michael Donovan, Executive Chair and CEO, DHX Media, commented: "Through this transaction we hav
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