The Los Angeles Business Journal newspaper reported on Wednesday, May 23 that the Saban Brands company will shut down on Monday, July 2, citing 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.
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As part of the shutdown, the Century City-based 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.
Is is currently unknown 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.
Saban Capital Group, the parent company of Saban Brands, will remain in operation, according to the letter. Saban Capital Group is a investment firm that specializes in entertainment investments. It has equity in Paul Frank Industries and Celestial Tiger Entertainment among other companies.
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 Monday, 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 long-running Power Rangers franchise. The series premiered on January 27. Saban Brands had recently renewed its partnership with Nickelodeon until 2021, and the network is set to debut Power Rangers Beast Morphers, the 26th season of the iconic Power Rangers franchise, in early 2019.
A Power Rangers theatrical movie opened in the United States in March 2017. The film's director Dean Israelite reported last summer that Lionsgate and Saban were in talks for a sequel.
NickALive! wishes to extend its best wishes to the dismissed employees, and hope everyone is successful in transitioning to new careers.
Original source: Anime News Network; Additional source: Toku Nation.
Follow NickALive! on Twitter, Tumblr, Google+, via RSS, on Instagram, and/or Facebook for the latest Nickelodeon and Power Rangers News and Highlights!
As part of the shutdown, the Century City-based 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.
Is is currently unknown 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.
Saban Capital Group, the parent company of Saban Brands, will remain in operation, according to the letter. Saban Capital Group is a investment firm that specializes in entertainment investments. It has equity in Paul Frank Industries and Celestial Tiger Entertainment among other companies.
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 Monday, 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 long-running Power Rangers franchise. The series premiered on January 27. Saban Brands had recently renewed its partnership with Nickelodeon until 2021, and the network is set to debut Power Rangers Beast Morphers, the 26th season of the iconic Power Rangers franchise, in early 2019.
A Power Rangers theatrical movie opened in the United States in March 2017. The film's director Dean Israelite reported last summer that Lionsgate and Saban were in talks for a sequel.
NickALive! wishes to extend its best wishes to the dismissed employees, and hope everyone is successful in transitioning to new careers.
Original source: Anime News Network; Additional source: Toku Nation.
Follow NickALive! on Twitter, Tumblr, Google+, via RSS, on Instagram, and/or Facebook for the latest Nickelodeon and Power Rangers News and Highlights!
