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Hasbro: Deal
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Hasbro bought privately held Cranium for $69 million on Jan. 25. Cranium's Seattle work force numbered 80 when the deal was announced in early January but has since shrunk to 60 as employees left for other opportunities, Hasbro spokesman Wayne Charness said.
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A new and more challenging era began when 41-year-old Alan Hassenfeld became chairman and CEO of Hasbro. The younger Hassenfeld continued the acquisition trend of the 1980s, as Hasbro acquired Tonka Corporation in 1991 for $486 million. With the deal, Hasbro added not only the Tonka line of toy trucks but ... Tonka's Parker Brothers unit, the maker of Monopoly, and Kenner Products, which featured Batman figures and the Strawberry Shortcake doll. The Parker Brothers unit was merged into Hasbro's already strong Milton Bradley division. Hasbro took a $59 million charge in 1991 to cover costs of consolidating the Tonka acquisition and restructuring overall operations.
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Under the deal, Cranium will become a subsidiary of Hasbro, which will pay down Cranium's outstanding debt and pay its shareholders. Hasbro did not disclose the amount of debt the deal includes.
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