REUTERS/Andrew Kelly/File photoAug 3 (Reuters) - Hasbro (HAS.O) lowered its annual revenue forecast on an expected hit from the ongoing strike by Hollywood writers and actors and said it would divest its film and TV business to focus on selling toys and games.
Hasbro said it would sell its eOne film and TV studio to Lionsgate Entertainment by year-end for about $500 million, adding that its revenue forecast includes the performance of the business being sold.
"With the sale of its eOne Film & TV business to Lionsgate, Hasbro is dodging a bullet in terms of the content pipeline.
Hasbro also lowered its growth target for adjusted operating margin to between 20 basis points (bps) and 50 bps, from 50 bps to 70 bps rise forecast earlier.
Reporting by Savyata Mishra and Granth Vanaik in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.
Persons:
FAO Schwarz, Andrew Kelly, James Zahn, Savyata Mishra, Granth, Vinay Dwivedi
Organizations:
Hasbro, Inc, Star, FAO, REUTERS, Hollywood, Lionsgate Entertainment, Lionsgate, WGA, SAG, Monopoly, Thomson
Locations:
Manhattan , New York City, U.S, Bengaluru