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Happiness is taking over a beloved comic strip.
Sony is buying a 41% stake in Charles M. Schulz’s comic “Peanuts” and its characters, including Snoopy And Charlie Brown From CanadaWildBrain has struck a deal worth $457 million, the two companies said Friday.
According to a joint statement, the deal adds to Sony’s existing 39% stake, taking its stake to 80%. The Schulze family will continue to own the remaining 20%.
“With this additional ownership stake, we are thrilled to be able to further enhance the value of the ‘Peanuts’ brand by leveraging Sony Group’s extensive global network and collective expertise,” said Shunsuke Muramatsu, President of Sony Music Entertainment.
“Peanuts” debuted in seven newspapers on October 2, 1950. The difficulties of friends, including Charlie Brown and Linus, the “little round-headed child” lucyPeppermint Patty and her pet beagle Snoopy eventually expanded to more than 2,600 newspapers, reaching millions of readers in 75 countries.
The strip features enduring images of kites stuck in trees, Charlie Brown trying to kick a football, sharp-tongued Lucy giving advice for a nickel and Snoopy occasionally taking flights of fancy to the skies. Phrases like “security blanket,” “good grief” and “happiness is a warm puppy” are part of global parlance. Schultz died in 2000.
Sony acquired its first stake in Peanuts Holdings LLC from Toronto-based WildBrain Ltd. in 2018. In Friday’s transaction, Sony’s music and film arms signed a “definitive agreement” with WildBrain to buy its remaining stake for $630 million Canadian dollars ($457 million).
The rights to the “Peanuts” brand and the management of its business are controlled by a wholly owned subsidiary of Peanuts Holdings.
WildBrain also owns other children’s entertainment franchises including Strawberry Shortcake and Teletubbies.