Iconix Sells Peanuts, Strawberry Shortcake Brands for $345 Million

Iconix Brand Group said it has signed a deal to sell its interest in the Peanuts and Strawberry Shortcake brands to DHX Media Ltd. for $345 million in cash.

The transaction is subject to a customary working capital adjustment. The deal is expected to close by the end of the second quarter. The company said going forward, the entertainment segment will be reported as a discontinued operation. Iconix also said it expects that the elimination of earnings from the entertainment segment will be offset by interest savings from the reduction of debt.