By: E&P Staff
The E.W. Scripps Co. has completed the sale of its character licensing business to Iconix Brand Group Inc. to the tune of $175 million in cash.
United Media Licensing works with more than 1,250 licensees in some 40 countries, with the majority of its licensing revenue generated by products associated with Charlie Brown, Snoopy, Lucy and other beloved characters of Charles Schulz’s “Peanuts” comic strip.
Scripps retains ownership of United Media’s syndication operation, and will continue to syndicate comic strips and editorial features developed and marketed worldwide through United Feature Syndicate and Newspaper Enterprise Association.
A range of options is being considered for the after-tax proceeds from the sale. The sale price is subject to a post-closing adjustment for working capital.