Cartoon Network has reached an agreement with asset network conglomerate Cartoon Networks Inc. (CNB) to buy its assets and take some of its existing assets private.
The deal is expected to close by the end of June.
The deal includes $8 million in cash and approximately $1.2 million in equity.
Cartoon Network CEO Mike Hopkins said in a statement that the deal will enable the network to continue to grow while diversifying its portfolio of brands.
“This transaction is a major milestone in the evolution of Cartoon Network and is an important step towards achieving our vision of expanding the network into new markets,” he said.
“Cartoon Networks is in great hands as we work towards our long-term goals of becoming a major media company with a network of programming, including the world’s best animated shows and popular movies, and a vibrant online presence.”
CartoonNet, which operates the Cartoon Network network, owns a portfolio of animation brands including The Simpsons, The Big Bang Theory, and The Peanuts Movie.
In addition to the network’s properties, Cartoon Network also produces animated series such as Family Guy, Family Guy: The New Adventures of Daphne and Friends, and the popular Teenage Mutant Ninja Turtles series.
Cartoons like The Simpsons and Family Guy have been in the news lately due to their controversial and violent content.
The agreement includes an option to sell its portfolio to CNB for an undisclosed sum.
CNB is a wholly owned subsidiary of Disney that is a division of the Walt Disney Company.
Cnb is headquartered in Santa Monica, California.