Business
Hasbro Reports Second Quarter 2023 Financial Results
Announces Sale of eOne Film and TV Business to Lionsgate PAWTUCKET, R.I.--(BUSINESS WIRE)-- Hasbro, Inc. (NASDAQ: HAS), a leading toy and game company, today
About this update from Hasbro, Inc.
[{"type":"text","content":"\nAnnounces Sale of eOne Film and TV Business to Lionsgate\n\n\n PAWTUCKET, R.I.--(BUSINESS WIRE)--\nHasbro, Inc. (NASDAQ: HAS), a leading toy and game company, today reported financial results for the second quarter 2023.\n\n\n\"The Hasbro team delivered a solid second quarter, with revenue ahead of our expectations, significant reduction of inventory, and meaningful progress toward our transformation and cost savings programs,\" said Chris Cocks, Hasbro chief executive officer. \"New products are delighting our fans around the world, including the return of FURBY and the release of MAGIC: THE GATHERING's Universes Beyond set, The Lord of the Rings: Tales of Middle-earth, which is already the second largest set in MAGIC's history. TRANSFORMERS entertainment and innovation is driving strong growth in the brand.\n\n\n\"Importantly, we announced an agreement to sell our eOne Film and TV business to Lionsgate, where it will be in good hands, and expect to close the transaction by year end,\" continued Cocks. \"Storytelling is part of our mission, and Hasbro will keep producing compelling entertainment that helps bring our beloved brands to life. The sale allows us to focus on our core toy and game expertise, partner with the industry's best, and strengthen our balance sheet as we invest to drive long-term growth and return cash to shareholders.\"\n\n\n\"Through the first six months, our results have been at or above our plan,\" said Gina Goetter, Hasbro chief financial officer. \"Looking at our full year, our Consumer Products segment remains on track and our Wizards of the Coast and Digital Gaming segment is performing better than expected. Positive proof points are emerging across a variety of our transformation initiatives as we lower costs, improve productivity, and reset Hasbro for profitable growth. Selling our eOne Film and TV business will give us greater focus and financial flexibility moving forward, including paying down a minimum of $400 million in floating rate debt.\"\n\n\nHighlights\n\n\n\nQ2 Hasbro, Inc. revenue declined 10%, ahead of expectations, driven by stronger than planned point of sale trends within Consumer Products.\n\n\n\nAnnounced sale of eOne Film & TV business enabling focus on core toy and game brands; expected to close in the back-half of 2023.\n\n\n\nMeaningful progress on transformation; delivered ...