There’s been a big flow of business news over the past week, so I’m rounding up these three important stories in this latest column.
Big Changes at CMON
Looks like there are big changes coming to CMON, according to notices posted to the Hong Kong Stock Exchange, where the company’s shares are traded. The big news is that CMON has entered into a non-binding Memorandum of Understanding to sell some of the company’s intellectual properties for $12 million, a considerable chunk. The company is seeking to enter into a definitive agreement by the end of October.
A second announcement reveals that Chief Operating Officer David Preti, who’s been COO since 2019 and with the company since 2016, will be resigning that role effective in March 2025. Preti had also been an executive Director of the company; that role is changing immediately to non-executive Director, for which he has a three-year contract.
Hasbro Moving HQ?
Hasbro is evaluating a move from its current headquarters in Rhode Island, where it has been since its founding in 1923, to Boston, according to Seeking Alpha. The company has been scouting locations in the Boston area for 200-250,000 square feet of office space, according to the report. A statement from the company said that it is “exploring options for its global headquarters.”
A move from Rhode island to the Boston area would put the company’s two major headquarters, of Hasbro and of subsidiary Wizards of the Coast, in Boston and Seattle, respectively. Those are both cities with major tech communities, which would fit with Hasbro CEO Chris Cocks’ drive to make Hasbro a force in digital games as well as physical.
Topps Gets Marvel, Disney, Pixar
Topps is expanding its licensing relationship with Disney companies to include global rights to produce physical trading cards based on Marvel, Disney, and Pixar properties, and has extended its longstanding relationship with Lucasfilm for Star Wars trading cards, the company announced. Topps previously had a license to produce digital trading cards based on Marvel, Disney, and Pixar properties. Upper Deck has been producing Marvel trading cards for some years; no word on the status of their license.
Topps was acquired by Fanatics in 2022 after Fanatics acquired exclusive licenses to produce trading cards from the Big Three sports leagues (see “Fanatics Acquires Topps Trading Card Business“), so this is a continuation of the Fanatics-eating-the-world trend.
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Source: ICv2
