Saban Brands Plans Layoffs Following Hasbro Acquisition (original) (raw)
Saban Brands Plans Layoffs Following Hasbro Acquisition
Saban Brands LLC, owner of the Power Rangers and other entertainment properties, announced the layoff of 60 employees as Hasbro Inc. is set to buy the company.
Century City-based Saban Brands will shut down July 2, according to a Worker Adjustment Retraining Notification letter sent to the state of California from Saban Brand lawyer Lawrence Stone, an attorney at Jackson Lewis.
The letter was dated May 1, which coincides with the date toymaker Hasbro announced its acquisition of Saban Brands.
Saban Brands parent Saban Capital Group, an investment firm that specializes in entertainment investments, will continue as a company, according to the letter. It has equity in Paul Frank Industries and Celestial Tiger Entertainment among other companies.
Occupations of the listed layoffs run the gamut from creative director to financial analyst to director of accounting. Fifty-one of the 60 layoffs are set to happen on July 2.
Not known is whether Hasbro will re-hire any employees subject to layoff. The letter made no mention of rehires, and a message left with Saban Brands May 23 was not immediately returned.
Media and entertainment reporter Matthew Blake can be reached at (323)556-8332 or [email protected]