Toy and game company, Hasbro, Inc. has reached a definitive agreement to sell its eOne film and TV business to Lionsgate for approximately $500 million.

The sale will include a content library of nearly 6,500 titles, active productions for non-Hasbro owned IP like The Rookie, Yellowjackets and Naked and Afraid franchises, and the eOne unscripted business, which will include rights for certain Hasbro-based shows like Play-Doh Squished. The eOne film and TV business being sold also includes Hasbro’s interest in the Canadian film & TV operations of Entertainment One Canada Limited.

In addition to Hasbro’s animation efforts that include Peppa Pig, Transformers: EarthSpark, and My Little Pony: Tell Your Tale, the company will retain team of creative development and business affairs experts to shepherd the 30+ Hasbro-based projects in development, including ongoing development of the TRANSFORMERS and GI JOE franchises, PLAY-DOH, D&D, MAGIC: THE GATHERING and Hasbro’s board game portfolio.

“This sale fully aligns with our strategy, and we are pleased to bring the process to a successful close,” said Hasbro CEO Chris Cocks. “Lionsgate’s management team is experienced in entertainment and adept at driving value, and we’re glad to have found such a good home for our eOne film & TV business. We look forward to partnering with them, especially on a movie adaptation of Monopoly.”

Mr. Cocks continued: “Entertainment remains a priority for Hasbro. Hasbro will continue to develop and produce entertainment based on the rich vault of Hasbro-owned brands. We will also bring to life new original ideas designed to fuel all areas of Hasbro’s blueprint including toys, publishing, gaming, licensed consumer products, and location-based entertainment. As part of the sale, we expect to move to an asset-lite model for future live action entertainment, relying on licensing and partnerships with select co-productions.”