Discovery Communications and toy giant Hasbro Inc. have agreed to create a 50/50 joint venture, including a TV network and a Website, dedicated to children and family entertainment and educational programming. It will hold the assets of Discovery Kids Network in the U.S., for which Discovery will receive $300 million.
As part of the transaction, the venture will also get a minority interest in the U.S. version of Hasbro.com.
The rebranded network is expected to debut in late 2010 reaching approximately 60 million, the companies said.
It will feature content from Hasbro’s portfolio of entertainment and educational properties, including original programming for animation, game shows, and live-action series and specials. Hasbro brands to be used include Scrabble, Trivial Pursuit, Romper Room, Cranium, My Little Pony, G.I. Joe, Game Of Life, Tonka and Transformers.
The venture will also tap into Discovery’s library of children’s educational programming, such as "Bindi The Jungle Girl," "Endurance," "HI-5" and "Peep and the Big Wide World."
“Hasbro continues to evolve as a company with an unwavering vision of reimagining the potential of our incredible portfolio of brands well beyond traditional toys and games,” said Hasbro president and CEO Brian Goldner, Hasbro’s President and CEO.
“This joint venture reinforces Discovery’s strategy to develop strong brands, maximize the potential of our extensive distribution in the U.S. and work with the highest quality content partners to create long-term value,” said David Zaslav, president and CEO of Discovery.
Source: THR.com
