Family of Snoopy's creator reclaims stake in $175m Peanuts deal
Wednesday 28 April 2010
Snoopy is back in familiar hands. A decade after Charles M Schulz drew Charlie Brown's legendary pet beagle for the last time, the family of the late cartoonist has reclaimed a stake in the Peanuts brand.
Current owners E W Scripps announced yesterday that they had struck a $175m (£115m) deal to sell United Media Licensing, a licensing unit that generates sales worth $2bn a year, with the bulk of that connected to the Peanuts characters.
The family of Mr Schulz, who died in 2000, will own 20 per cent of the Peanuts licensing rights, with the rest held by the Iconix Brand Group. Scripps will continue to syndicate the strip to newspapers.
The Snoopy cartoon first hit the market in 1950. By the time its author retired in 1999, the strip was in more than 2,600 papers. Mr Schulz died the following year in February.
In a statement, Iconix said they expected to get roughly $75m a year in royalties from its new acquisition. "The Peanuts brand is iconic, with some of the most beloved and well-known characters in history," explained Neil Cole, the company's chairman.
Mr Schulz's son, Craig, also welcomed the deal. "Peanuts now has the best of both worlds – family ownership and the vision and resources of Iconix to perpetuate what my father created throughout the next century with all the goodwill his lovable characters bring," he said.
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