DHX Media sells off part of Peanuts’ stake to Sony to reduce debt

HALIFAX – DHX Media is selling almost half of its stake in the Peanuts brand to Sony Music Entertainment (Japan) for $237 million cash in an effort to help cut its debt load.The “strategic partnership” will see SMEJ will indirectly purchase 49% of DHX Media’s 80% interest in Peanuts, which the Halifax-based company acquired almost exactly a year ago. At the conclusion of the transaction, expected to be June 30, DHX Media will own 41% of Peanuts, SMEJ will own 39%, and the members of the family of Charles M. Schulz will continue to own 20%.DHX Media and SMEJ have also...