Hasbro Selling Entertainment One's Music Arm For $385 Million In Cash

Toymaker turned Hollywood producer Hasbro said Monday it's selling the music business of Entertainment One to investment firm Blackstone for $385 million in cash. Specifically, it is selling eOne Music to entities controlled by Blackstone, which also owns SESAC, a leading music rights organization. Subsequent to the closing, eOne Music will operate as a separate business unit headed by current president, music industry veteran Chris Taylor.