Charlie Brown and the rest of the Peanuts gang will soon make friends with the Teletubbies, Inspector Gadget and other kids' characters.
Canada-based DHX Media Ltd. announced Wednesday it signed an agreement to buy the entertainment division of Iconix Brand Group Inc. in a $345 million deal that would include Iconix's majority stake in the Peanuts and Strawberry Shortcake brands.
"Peanuts is one of the world's greatest entertainment brands, with a tremendous global legacy of comics, animated content and consumer products reaching back almost 70 years," said Dana Landry, chief executive of DHX Media, in a statement.
It's also a beloved local brand, created by Charles M. Schulz, who grew up in St. Paul and brought the characters to life almost 70 years ago. The agreement gives DHX 80 percent of the controlling interest in Peanuts, with 20 percent to still be held by the Schulz family.
"DHX Media feels like a perfect fit for Peanuts," said Jean Schulz, widow of Charles Schulz, in a statement. "We respect their innovative and rich history with developing children's shows and brands, and we look forward to working with Dana and his team to steward Peanuts in the future."
DHX will have 100 percent of the interest of Strawberry Shortcake. DHX already controls several youth-oriented brands including Teletubbies, Yo Gabba Gabba!, Inspector Gadget and the Degrassi franchise. DHX expects Peanuts and Strawberry Shortcake to expand its consumer products business from 19 percent to 44 percent of the company's total annual revenue.
Peanuts is a powerhouse brand even decades after its comic strips first appeared. In 2015, Peanuts generated $1.3 billion in retail sales in the United States. Peanuts' licensees include Hallmark, Universal Studios and Warner Bros. Its animated television broadcasts such as "A Charlie Brown Christmas" continue to be top-ranked television specials.
Iconix has had a controlling stake in the company since 2010.