Death Row is now owned by Hasbro, the toy company responsible for Mr. Potato Head, My Little Pony, and Lite-Brite. The all-cash transaction is valued at $4 billion, Deadline reports.
Actually, Hasbro purchased multi-media company Entertainment One, which has divisions in TV, film, and music. eOne took over Death Row back in 2013 when it purchased the label's catalog for around $280 million, about seven years after the label filed for bankruptcy.
As part of the deal, eOne shareholders will receive $6.86 in cash for each common share of eOne.
"The acquisition of eOne adds beloved story-led global family brands that deliver strong operating returns to Hasbro's portfolio and provides a pipeline of new brand creation driven by family-oriented storytelling," Hasbro CEO Brian Goldner said in a statement. "In addition, Hasbro will leverage eOne's immersive entertainment capabilities to bring our portfolio of brands that have appeal to gamers, fans and families to all screens globally and realize full franchise economics across our blueprint strategy for shareholders. We are excited to welcome eOne's talented employees from around the world into the Hasbro family."
Allan Leighton, non-executive director and chairman of eOne said about the deal, "On behalf of the board of eOne, I am very pleased by this exciting development, which is a testament to eOne management's vision, leadership and solid execution. This transaction creates significant, immediate value for our shareholders as it recognizes the strength of our future-facing business model."
eOne is one of the largest independent labels in the music industry. Rolling Stone reports that the label earned more than $30 million in revenue in the first quarter of 2019.
Death Row Records was founded in 1991 by Marion "Suge" Knight, The D.O.C. and Dr. Dre. Under the label, hit albums such as Dre's The Chronic, Snoop Dogg's Doggystyle, and Tha Dogg Pound's Dogg Food were released.
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