Hasbro, Inc.announced that it has completed the sale of the Entertainment One Music business (“eOne Music”) for an aggregate purchase price of $385 million in cash to entities controlled by Blackstone, which also own SESAC, a leading music rights organization. As part of the transaction, Entertainment One Canada Limited sold the Canadian music division of Entertainment One.

The music group will now operate as a separate business unit headed by its current Global President, music industry veteran Chris Taylor, and will focus on building a creator-first music brand with global scale and expertise.

Hasbro intends to use its net proceeds from the sale to accelerate deleveraging and other general corporate purposes.

J.P. Morgan acted as exclusive financial advisor to Hasbro on the transaction, Cravath, Swaine & Moore LLP, Mayer Brown International LLP and Stikeman Elliott LLP acted as legal counsel to Hasbro and Osler, Hoskin & Harcourt LLP acted as legal counsel to Entertainment One Canada Limited.