Iconix Brand Group Closes Acquisition of Peanuts Diversifying The Company's Portfolio of Brands
NEW YORK, June 3 /PRNewswire-FirstCall/ -- Iconix Brand Group, Inc. (Nasdaq: ICON) ("Iconix" or the "Company"), today announced that it has completed the acquisition of the Peanuts brand and related assets of United Media Licensing, a division of United Feature Syndicate, Inc. through a newly formed joint venture company, Peanuts Worldwide LLC, owned 80% by Iconix and 20% by Charles M. Schulz Creative Associates, managed by the Schulz family.
This transformative deal changes the landscape of Iconix and moves the Company well beyond fashion into a true global brand management entity. Iconix now has a diversified portfolio of brands with consumer products outside of fashion representing approximately one-third of the Company's overall revenue.
The cast of Peanuts, includes, among others, iconic and well known characters such as Charlie Brown, Snoopy, Lucy, Linus, Sally, Schroeder, Peppermint Patty and Woodstock. In addition, Iconix has acquired the licensing and character representation for a number of character brands, including Dilbert and Fancy Nancy. Peanuts has a strong diversified global licensing platform with over 1,200 licensing agreements including relationships with MetLife, Hallmark, Universal Studios, Warner Bros., Cedar Fair, H&M, Benetton, Old Navy, CVS and Walgreens. The Peanuts brand is licensed in over 40 countries and generates annual retail sales of over $2 billion.
The purchase price for this acquisition was $175 million. Iconix funded its portion of the purchase price with cash on its balance sheet.
About Iconix Brand Group, Inc.
Iconix Brand Group, Inc. (Nasdaq: ICON) owns, licenses and markets a growing portfolio of consumer brands including CANDIE'S (R), BONGO (R), BADGLEY MISCHKA (R), JOE BOXER (R) RAMPAGE (R) MUDD (R), LONDON FOG (R), MOSSIMO (R) OCEAN PACIFIC(R), DANSKIN (R) ROCA WEAR(R), CANNON (R), ROYAL VELVET (R), FIELDCREST (R), CHARISMA (R), STARTER (R) and WAVERLY (R). In addition, Iconix owns an interest in the ARTFUL DODGER (R), ED HARDY (R), ECKO (R), MARC ECKO (R), ZOO YORK (R), MATERIAL GIRL™, and PEANUTS (R) brands. The Company licenses its brands to a network of leading retailers and manufacturers that touch every major segment of retail distribution from the luxury market to the mass market in both the U.S. and around the world. Iconix, through its in-house advertising, promotion and public relations agency, markets its brands to continually drive greater consumer awareness and equity.
About Charles M. Schulz Creative Associates
Charles M. Schulz Creative Associates was established to work on the creative and business management of the PEANUTS worldwide licensing program, providing creative oversight to the over 1,200 PEANUTS licensees and art direction for over 24,000 products a year. Creative Associates is located in Charles Schulz's hometown of Santa Rosa, California, where the PEANUTS creator maintained his studio for over thirty years. On the same property Schulz built an ice arena, café, and gift shop. In August 2002, two years after his death, the Charles M. Schulz Museum and Research Center opened adjacent to his studio. The museum fulfills its mission to preserve, display, and interpret the life and art of Charles M. Schulz by offering rotating exhibitions of original art and personal artifacts, showcasing Schulz and his cartoon creations Charlie Brown, Snoopy, and the whole Peanuts Gang.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. The statements that are not historical facts contained in this press release are forward looking statements that involve a number of known and unknown risks, uncertainties and other factors, all of which are difficult or impossible to predict and many of which are beyond the control of the Company, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such factors include, but are not limited to, uncertainty regarding the results of the Company's acquisition of additional licenses, continued market acceptance of current products and the ability to successfully develop and market new products particularly in light of rapidly changing fashion trends, the impact of supply and manufacturing constraints or difficulties relating to the Company's licensees' dependence on foreign manufacturers and suppliers, uncertainties relating to customer plans and commitments, the ability of licensees to successfully market and sell branded products, competition, uncertainties relating to economic conditions in the markets in which the Company operates, the ability to hire and retain key personnel, the ability to obtain capital if required, the risks of litigation and regulatory proceedings, the risks of uncertainty of trademark protection, the uncertainty of marketing and licensing acquired trademarks and other risks detailed in the Company's SEC filings. The words "believe", "anticipate," "expect", "confident", "will", "project", "provide" "guidance" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward looking statements, which speak only as of the date the statement was made. All forward-looking statements are qualified by these cautionary statements and apply only as of the date they are made. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Iconix Brand Group, Inc.