Entertainment One - Trading update and library revaluation
Entertainment One’s trading update to 23 September (ie most of H1) does not disclose figures, due to the Hasbro bid. The group is heavily weighted to H2. Family & Brands achieved flat revenues against prior period, despite a difficult trading environment. Film, TV and Music (FTM) revenues were slightly behind, with a strong music performance offset by unflattering comparatives in film and TV due to timing and mix. The independent library revaluation was $2.1bn at end March (2018: $2.0bn). The acquisition agreement with Hasbro, for 560p per share cash, is to be put to share-holders on 17 October, with the circular now available. Approval requires two-thirds of votes cast to be in favour. Our forecasts are withdrawn.Entertainment One is engaged in the acquisition, production and distribution of film and television content rights across all media throughout the world.
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