Hasbro has finalized a deal to sell its prolific Canadian entertainment and media company Entertainment One (eOne) to Lionsgate for $500 million, according to Variety. This news comes after Hasbro cut eOne’s film and TV staff headcount by 10% in early 2021. The company been on the market since November 2022, with the caveat that “Hasbro will maintain the capability to develop and produce animation, digital shorts, scripted TV and theatrical films for audiences related to core Hasbro IP.”

According to a press release from Hasbro, “The sale will include a talented team of employees, a content library of nearly 6,500 titles, active productions for non-Hasbro owned IP like The Rookie, Yellowjackets and Naked and Afraid franchises, and the eOne unscripted business, which will include rights for certain Hasbro-based shows like Play-Doh Squished.” The sale also includes Hasbro’s interest in the Canadian film & TV operations of eOne Canada Limited.

Notably, popular franchises such as Peppa Pig, Transformers, Dungeons & Dragons, Magic: The Gathering, My Little Pony, Power Rangers, Play-Doh, Monopoly and Clue will remain with Hasbro and will see “significant development, production and financing capabilities.”

“This sale fully aligns with our strategy, and we are pleased to bring the process to a successful close,” Hasbro CEO Chris Cocks said in a statement. “Lionsgate’s management team is experienced in entertainment and adept at driving value, and we’re glad to have found such a good home for our eOne film & TV business. We look forward to partnering with them, especially on a movie adaptation of Monopoly.”

Cocks continued, “Entertainment remains a priority for Hasbro. Hasbro will continue to develop and produce entertainment based on the rich vault of Hasbro-owned brands. We will also bring to life new original ideas designed to fuel all areas of Hasbro’s blueprint including toys, publishing, gaming, licensed consumer products, and location-based entertainment. As part of the sale, we expect to move to an asset-lite model for future live action entertainment, relying on licensing and partnerships with select co-productions.”

Hasbro originally acquired eOne for $3.8 billion in August 2019. The Lionsgate deal is set to close by the end of the year.