Toymaker Hasbro Inc. has agreed to buy the Power Rangers and several other entertainment brands from Los Angeles billionaire Haim Saban, the two have announced.
The cash-and-stock deal, valued at $522 million, allows Rhode Island-based Hasbro to add Power Rangers to its stable of toys, games and programming that already includes Transformers, My Little Pony, Monopoly and Play-Doh, the Los Angeles Times reported. It’s also a blow to Hasbro’s main rival, Mattel Inc., which is headquartered in El Segundo.
Saban created the “Mighty Morphin Power Rangers” TV show — a remake of a Japanese action show about ordinary teenagers who take on supernatural strength to battle bizarre creatures from space — and spent years peddling it. Fox bought the live-action TV show in 1993, and it became a hit.
Tuesday’s deal marks the second time Saban has sold the Power Rangers. “Mighty Morphin Power Rangers” was included in Saban’s and News Corp.’s $3.2 billion sale of the Fox Family cable channel to Walt Disney Co. in 2001. But the property languished at Disney, and Disney didn’t feel it was core to the company’s brand. So the Burbank entertainment giant sold Power Rangers back to Saban in 2010 for less than $100 million, according to The Times.
Over the years, the franchise has spawned more than 900 television episodes and billions of dollars in sales of toys and other merchandise, The Times reported. Last year, a $100 million reboot hit movie theaters but did not perform up to expectations, earning only $142 million worldwide, according to Box Office Mojo. Nevertheless, there has been talk of plans for another Power Rangers movie, according to The Times.
“Twenty-five years after launching Power Rangers, I believe the future for this brand has never been greater,” Saban, founder of Los Angeles-based Saban Brands, said in a statement. “Hasbro’s leadership in innovation, storytelling and brand stewardship make it the perfect company to further develop the global reach and appeal of the Power Rangers property.”
Mattel’s stock Tuesday fell 74 cents, or 5 percent, to $14.06 a share. Hasbro shares slipped 70 cents, or 0.8 percent, to $87.39.