Sony Group (TYO:6758) unit Sony Music Entertainment (Japan) and Sony Pictures Entertainment said they have agreed to buy WildBrain's roughly 41% stake in Peanuts Holdings LLC for CA$630 million, lifting Sony's indirect holding in the Peanuts business to 80%, according to a Friday filing on the Tokyo Stock Exchange.
Following completion, Peanuts Holdings will become a consolidated Sony subsidiary, with the Schulz family retaining the remaining 20%. Sony Music will lead management of the business alongside Sony Pictures.
Sony said it expects to book a remeasurement gain on its existing 39% interest once the deal closes.
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