Sony Takes Control of Peanuts in $450MDeal

Sony is taking a much bigger bite of the Peanuts universe, betting that Charlie Brown, Snoopy, and friends still have serious commercial pull. The company will spend more than $450 million to double its stake and raise its ownership of Peanuts Holdings to 80%, valuing the business at upward of $1 billion, per the Wall Street Journal. The AP puts the final figure for the deal at closer to $457 million. The family of creator Charles M. Schulz will retain the remaining 20% stake. Sony is buying the additional shares from Canadian media firm WildBrain, which scooped up Peanuts in 2017 and sold Sony a 39% slice a year later, per the Journal.

For Sony, the move fits a broader strategy of building out its entertainment portfolio around recognizable franchises, both in film and in gaming. The conglomerate has poured billions into such investments, including a larger position in Japanese publisher Kadokawa and a planned investment in Bandai Namco, the company behind the Pac-Man and Tekken brands. Sony recently spun off its financial arm to focus more squarely on entertainment, where hits like the Demon Slayer films have boosted profits. Sony has been involved with Peanuts since 2010, initially as its agent in Japan.

Peanuts remains an active brand nearly eight decades after Schulz introduced the strip, first called Li'l Folks in 1947 and rebranded Peanuts in 1950. The property has generated toys, films, and TV specials that still air annually, including A Charlie Brown Christmas. The Peanuts Movie earned more than $200 million in 2015, and Snoopy spent 30 years as MetLife's mascot. Peanuts Holdings also has an ongoing deal with Apple TV+ that runs through 2030, under which Apple has released new specials and is developing a CGI feature film. Variety notes that the deal is still contingent on an OK from regulators.