DHX Media closed its previously announced sale of a minority stake in Peanuts to Sony Music Entertainment Inc. (SMEJ). SMEJ has indirectly purchased 49 percent of DHX Media’s 80 percent interest in Peanuts for $235.6 million in cash, subject to certain adjustments contemplated in the original agreement. DHX Media now owns 41 percent of Peanuts, SMEJ owns 39 percent, and the members of the family of Charles M. Schulz retain their 20 percent interest.
DHX Media and SMEJ have also completed the 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 more than 200 percent as its agent since 2010.
DHX Media used the net proceeds from the transaction to reduce indebtedness under its term credit facility. DHX Media was advised by Deutsche Bank Securities Inc and Canaccord Genuity Corp.