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TV-Loonland Sells Part of Film Library To Hasbro

TV-Loonland has entered into an agreement with Hasbro to sell all its rights in the "Hasbro Classics Library." Under the agreement, Hasbro. will pay $7 million to TV-Loonland.

The "Hasbro Classics Library" includes renowned titles such as TRANSFORMERS, MY LITTLE PONY and G.I. JOE. These programs were acquired by the TV-Loonland from Sony BMG in December 2000.

Simon Flamank, CEO of TV-Loonland, said, "Given the life cycle of any property and also Hasbro's future plans for the distribution and exploitation of those properties, this was a deal that perfectly fitted both parties' commercial objectives."

"We have enjoyed working closely with Hasbro and all of their teams over the course of the last two years, and we look forward to continuing those relationships in the future."

"For TV-Loonland AG, this deal not only allows us to repay the greater majority of all of our outstanding debt, it also provides us with the platform from which to take further commercial decisions regarding the future direction of the group and the new properties that we have been developing."

Brian Goldner, Hasbro's COO, said, "As we deliver new immersive entertainment experiences to audiences worldwide, it was extremely important that we had the rights to fully control the usage of our intellectual properties. Entertainment is becoming increasingly important in helping us to strengthen and build our brands globally, and this will enable us to engage consumers in new and exciting ways."

Flamank added that Loonland hopes to be able to report news on the sale process for the Metrodome subsidiary to their shareholders. "The remaining operative business and its current attractive properties such as LITTLE PRINCESS, THE OWL, RAYMOND, PENELOPE and PAT & STAN will now benefit from our Hasbro transaction as we look to increase the value of the company again."