The toy giant is also looking to sell its production division Entertainment One as it pivots to focus on gaming.
In selling eOne, Hasbro articulated a strategy in which it leans into franchise brands like Transformers, Peppa Pig, and Dungeons & Dragons, including in entertainment, though it may do so without its in-house studio. Hasbro looked to the eOne deal in 2019 to make the toy maker into a media contender as it combined the indie studio’s film and TV unit with its own.
Hasbro also announced that Hasbro’s president and COO Eric Nyman would leave the company, with a new organizational model set to be unveiled in the coming weeks. “The elimination of these positions will impact many loyal Hasbro employees, and we do not undertake this process lightly. However, the changes are necessary to return our business to a competitive, industry-leading position and to provide the foundation for future success,” added Cocks.
Only its Wizards of the Coast and digital gaming divisions saw their finances improve for the year, with Q4 revenues up 22 percent and 2022 revenues up 3 percent. Hasbro’s entertainment division saw its revenues decline 12 percent in Q4, and 17 percent in 2022.
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