{"id":42266,"date":"2022-06-08T18:18:20","date_gmt":"2022-06-08T18:18:20","guid":{"rendered":"https:\/\/harchi90.com\/dungeons-dragons-maker-hasbro-wins-battle-against-activist-investor\/"},"modified":"2022-06-08T18:18:20","modified_gmt":"2022-06-08T18:18:20","slug":"dungeons-dragons-maker-hasbro-wins-battle-against-activist-investor","status":"publish","type":"post","link":"https:\/\/harchi90.com\/dungeons-dragons-maker-hasbro-wins-battle-against-activist-investor\/","title":{"rendered":"Dungeons & Dragons maker Hasbro wins battle against activist investor"},"content":{"rendered":"
A Dungeons & Dragons classic dragon hand painted by Alan Cooley, 27, of Huntington Station, New York, at Main Street Game Cafe in Huntington on November 26, 2019.<\/p>\n
Newsday LLC | Newsday | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
Hasbro has fended off a board challenge from an activist investor that wanted to shake up its board and spin off the toymaker’s lucrative division that includes Dungeons & Dragons.<\/p>\n
On Wednesday, the Rhode Island-based company said its shareholders voted to reelect its 13 directors by a “substantial margin,” according to preliminary vote tallies.<\/p>\n
“As the vote indicates, our highly skilled and recently refreshed board possesses experience and expertise directly relevant to overseeing Hasbro’s world-class portfolio of assets across multiple play and entertainment categories,” the company said in a statement Wednesday.<\/p>\n
The proxy battle was sparked by Alta Fox Capital Management, which owns a 2.5% stake in the company worth around $ 325 million. Alta Fox nominated five directors to the company’s board in February, but narrowed the slate down to one ahead of Wednesday’s vote.<\/p>\n
Alta Fox wanted to do away with Hasbro’s current “brand blueprint” strategy and suggested spinning off the company’s Wizards of the Coast and digital gaming business as part of a broader push to boost profitability in the company’s consumer products and entertainment divisions.<\/p>\n
Alta Fox told shareholders in February that the spinoff would increase Hasbro’s share value by $ 100. The toy giant refuted that claim, saying that separating Wizards of the Coast from its core business would be detrimental to both the division and the company as a whole.<\/p>\n
Hasbro’s strategy uses storytelling to drive toy sales. Under the late CEO Brian Goldner, the company successfully expanded beyond its core business into television, movies and digital gaming.<\/p>\n
It uses toy brands like Transformers and My Little Pony to fuel movies and television shows, which then propel toy sales. The company is currently producing a Dungeons & Dragons movie and television show through eOne. It has also used these brands for publishing, apparel and accessories.<\/p>\n
Hasbro shares were off less than 1% at 1:30 pm ET.<\/p>\n<\/div>\n<\/div>\n
.<\/p>\n","protected":false},"excerpt":{"rendered":"
A Dungeons & Dragons classic dragon hand painted by Alan Cooley, 27, of Huntington Station, New York, at Main Street Game Cafe in Huntington on November 26, 2019. Newsday LLC | Newsday | Getty Images Hasbro has fended off a board challenge from an activist investor that wanted to shake up its board and spin …<\/p>\n