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Sony Music to acquire 39% stake in Peanuts

Japanese consumer electronics giant Sony Corp. said its subsidiary, Sony Music Entertainment (Japan) Inc., on May 14 signed a definitive agreement to acquire a nearly 39% stake in Peanuts Holdings LLC from DHX Media Ltd. for US$185 million.

Under the deal, Sony Music acquired 49% of DHX Media's 80% stake in Peanuts Holdings, the company behind comic book character Snoopy. Upon completion, DHX Media will own about 41% of Peanuts, Sony Music will own about 39% and the family of Charles Schulz, Peanuts' creator, will continue to own 20%. The transaction is expected to be completed on or about June 30, according to an SEC filing from Sony.

Peanuts is published in 2,200 newspapers worldwide in 21 languages and 75 countries.