Snoopy joining Sony? Music unit buying stake in Peanuts
Japanese electronics maker Sony Corp.'s music unit is buying a stake in Peanuts Holdings, the company behind Snoopy and Charlie Brown.
Sony Music Entertainment said Monday it signed a deal with DHX Media, based in Nova Scotia, Canada, to acquire 49 percent of the 80 percent stake DHX holds in Peanuts.
Under the deal, Sony Music will own 39 percent and DHX 41 percent.
Charles Schulz, the creator of Peanuts, will continue to own 20 percent of Peanuts.
The parties hope to complete the acquisition on or about June 30, according to Tokyo-based Sony.
Sony said it sees Peanuts as "world-class," and hopes to use its character business expertise to strengthen the brand.
Sony has under its wing a range of characters, including those from its PlayStation video games.