Licensing co. Iconix buying Strawberry Shortcake for $105M
NEW YORK (AP) - Snoopy and Charlie Brown are getting a new corporate buddy.
Iconix, the brand licensing company that owns the "Peanuts" gang of characters, said Tuesday that it is buying the rights to cartoon character Strawberry Shortcake for $105 million from greeting card company American Greetings.
The New York company hopes to breathe new life into the 35-year-old brand with possible clothing, toy and TV show or movie deals. The deal is expected to close within 45 days.
Strawberry Shortcake first showed up on greeting cards in 1980, and has been made into a doll as well as featured on products as varied as pajamas, cosmetics and food.
Iconix Brand Group Inc. mostly owns and licenses clothing brands such as Joe Boxer, London Fog, Badgley Mischka and Candie's. It first entered the entertainment industry in 2010, when it bought the rights to the "Peanuts" characters from newspaper publisher E.W. Scripps Co. for $175 million.
In a separate purchase, Iconix said Tuesday that it bought the North American rights to athletic brand Pony for $37 million from Chinese investment holding company Symphony Holdings Ltd.
Shares of Iconix rose $1.39, or 4.1 percent, to $35.10 in morning trading Tuesday.