Iconix To Buy Strawberry Shortcake Brand From American Greetings For $105 Mln

(RTTNews) - Iconix Brand Group, Inc. (ICON) has agreed to acquire the Strawberry Shortcake brand and related intangible assets from American Greetings for $105 million cash. This transaction may close in nearly 30 - 45 days. This deal is in line with the company's historical acquisition metrics.

Neil Cole, Chairman and CEO of Iconix Brand Group, Inc., commented "The entertainment sector is an exciting area of growth for our Company. Through our Peanuts brand, we have a strong worldwide platform that we believe we can leverage as we add new entertainment properties to our portfolio. With the acquisition of Strawberry Shortcake, we will be expanding this platform as we gain new partnerships with top entertainment companies around the world."

The iconic Strawberry Shortcake character made her debut 35 years ago, and quickly gained national appeal with her spunky yet innocent persona. Today, Strawberry Shortcake is a global brand with an impressive and diversified network of over 350 licensees.

In a separate press release, the firm announced acquiring athletic brand PONY in North America with the option to expand global ownership and acquire PONY assets in additional territories.