Hasbro says the virus pandemic will have its biggest impact in the second quarter and sees live-action film and TV production restarting early in the third quarter. Details:
Toy giant Hasbro on Wednesday swung to a first-quarter loss due to costs from its acquisition of Entertainment One, where film and TV revenues collapsed as content production shut down amid the coronavirus pandemic.
Hasbro missed the Thomson Reuters analyst forecast for 58 cents per share in earnings and revenue of $1.14 billion. The company forecast an "early third quarter return" to live-action film and TV production, as eOne continues animation production with artists often working remotely. Goldner added the integration of eOne and Hasbro is "on schedule" and the company expects to deliver $130 million in synergies by the end of 2022.
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