'Peanuts' rights sold for $175m
NEW YORK (AP) — You've got a new owner, Charlie Brown.
Newspaper publisher E.W. Scripps Co. is selling licensing rights for Snoopy, Charlie Brown and the rest of the "Peanuts" gang to Iconix Brand Group Inc., the licensing company that owns Joe Boxer and London Fog.
The family of the late "Peanuts" creator Charles Schulz will also own part of the business too, giving it more control of and money from the comic strip's legacy.
Heirs say the deal announced on Tuesday for the 60-year-old comic strip is what the artist would have wanted. Schulz worked for decades to win back the rights to his work, which many other artists like himself sold to appear in print.
Scripps will sell its licensing unit, which also represents characters such as Dilbert and Raggedy Ann and Andy, to Iconix for $175 million. The bulk of revenue generated by United Media Licensing comes from the "Peanuts" franchise.
By the time Schulz retired in 1999, "Peanuts" was in more than 2,600 papers around the world and its cast of characters appeared everywhere, from T-shirts to greeting cards and sno-cone machines.