LA Business Journal: Saban Brands Company Shuts Down in July
posted on by Rafael Antonio Pineda
The Los Angeles Business Journal newspaper reported on Wednesday that the Saban Brands company will shut down on July 2, citing a Worker Adjustment Retraining Notification letter sent to the state of California and dated May 1.
As part of the shutdown, the company is laying off 60 employees with positions ranging from creative director to financial analyst to director of accounting. Saban Brands will lay off 51 of the 60 employees on July 2.
Saban Capital Group, the parent company of Saban Brands, will remain in operation.
Hasbro announced on May 1 that it will acquire Power Rangers and several other brands from Saban Properties. The agreement, which is expected to close in the second quarter of 2018, includes all of Saban's related intellectual property, category rights, and content libraries.
Hasbro was already named as the master toy licensee for the Power Rangers franchise, and will take over for the previous license holder Bandai America on April 1, 2019. The US$22.25 million Hasbro already paid in this deal will be credited against the purchase price for the brands.
Saban Brands founder Haim Saban will continue to serve as a consultant for the Power Rangers property. The Hollywood Reporter reported in February that Saban and Hasbro chairman and CEO Brian Goldner are long-time friends.
Nickelodeon is currently airing Power Rangers Super Ninja Steel, the second season sequel to the Power Rangers Ninja Steel series, and the 25th entry in the Power Rangers franchise. The series premiered on January 27. Saban Brands had recently renewed its partnership with Nickelodeon until 2021.