Acquisition of Peanuts brand completed
Iconix Brand Group, Inc announced that it has completed the acquisition of the Peanuts brand and related assets of United Media Licensing, a division of United Feature Syndicate, Inc. through a newly formed joint venture company, Peanuts Worldwide LLC, owned 80% by Iconix and 20% by Charles M. Schulz Creative Associates, managed by the Schulz family.
This transformative deal changes the landscape of Iconix and moves the Company well beyond fashion into a true global brand management entity. Iconix now has a diversified portfolio of brands with consumer products outside of fashion representing approximately one-third of the Company's overall revenue.
The cast of Peanuts, includes, among others, iconic and well known characters such as Charlie Brown, Snoopy, Lucy, Linus, Sally, Schroeder, Peppermint Patty and Woodstock. In addition, Iconix has acquired the licensing and character representation for a number of character brands, including Dilbert and Fancy Nancy. Peanuts has a strong diversified global licensing platform with over 1,200 licensing agreements including relationships with MetLife, Hallmark, Universal Studios, Warner Bros., Cedar Fair, H&M, Benetton, Old Navy, CVS and Walgreens. The Peanuts brand is licensed in over 40 countries and generates annual retail sales of over $2 billion.
The purchase price for this acquisition was $175 million. Iconix funded its portion of the purchase price with cash on its balance sheet.
Iconix Brand Group, Inc. (Nasdaq: ICON) owns, licenses and markets a growing portfolio of consumer brands including CANDIE'S , BONGO , BADGLEY MISCHKA , JOE BOXER RAMPAGE MUDD , LONDON FOG , MOSSIMO OCEAN PACIFIC, DANSKIN ROCA WEAR, CANNON , ROYAL VELVET , FIELDCREST , CHARISMA , STARTER and WAVERLY . In addition, Iconix owns an interest in the ARTFUL DODGER, ED HARDY, ECKO, MARC ECKO, ZOO YORK, MATERIAL GIRL, and PEANUTS brands. The Company licenses its brands to a network of leading retailers and manufacturers that touch every major segment of retail distribution from the luxury market to the mass market in both the U.S. and around the world. Iconix, through its in-house advertising, promotion and public relations agency, markets its brands to continually drive greater consumer awareness and equity.
Charles M. Schulz Creative Associates was established to work on the creative and business management of the PEANUTS worldwide licensing program, providing creative oversight to the over 1,200 PEANUTS licensees and art direction for over 24,000 products a year. Creative Associates is located in Charles Schulz's hometown of Santa Rosa, California, where the PEANUTS creator maintained his studio for over thirty years. On the same property Schulz built an ice arena, café, and gift shop. In August 2002, two years after his death, the Charles M. Schulz Museum and Research Center opened adjacent to his studio. The museum fulfills its mission to preserve, display, and interpret the life and art of Charles M. Schulz by offering rotating exhibitions of original art and personal artifacts, showcasing Schulz and his cartoon creations Charlie Brown, Snoopy, and the whole Peanuts Gang.
Iconix Brand Group, Inc