PROVIDENCE, R.I. (AP) — Hasbro Inc., the nation's second-biggest toymaker, said Friday it has agreed to buy the privately-held game maker Cranium Inc. for about $77.5 million.
Hasbro Chief Operating Officer Brian Goldner said the deal will allow Hasbro to maximize the Cranium brand and grow in international markets. Seattle-based Cranium has sold more than 22 million games, books and toys worldwide.
Hasbro officials said the deal is expected to close in the first quarter this year, pending approval of Cranium's shareholders.
Under the deal, Cranium will become a subsidiary of Pawtucket-based Hasbro, which will pay down Cranium's outstanding debt and pay its shareholders. The final purchase price could change based on Cranium's net assets on the closing date.
Hasbro's brands include Playskool, Tonka and Milton Bradley and board games such as Monopoly, Scrabble and Candy Land.
Hasbro shares fell 73 cents, or 2.9 percent, to $23.95 in morning trading after sinking to a 52-week low of $23.83 earlier in the session.