Saban Brands prepares to shutdown
Following the purchase of its entertainment properties (including Power Rangers) by Hasbro,the Century City, CA-based Saban Brands has initiated a company shutdown. According to filings sent to the state of California from Saban Brands, the children’s entertainment firm intends to cease operations on July 2nd. 51 of its 60 employees will be laid off that day.
The notice was sent on May 1st, the same day Hasbro announced its acquisition of Saban Brands’ library. It’s not known if Hasbro intends to re-hire any of the staff that worked for the company. Saban Brands’ parent company, Saban Capital Group, intends to continue operations. Other subsidiaries, like Saban Films, are not involved with the closure.
Meant to emulate the high flying success of Saban Entertainment (purchased by Disney in 2001), who introduced Power Rangers to the world and operated FOX Kids, Haim Saban and Saban Capital Group launched Saban Brands in 2010. While successful in bringing back Power Rangers to the small screen, the company struggled in most of its other pursuits. Their Saturday morning block Vortexx was relatively short lived and attempts to revive other franchises, like Digimon and Popples, didn’t attract much enthusiasm. The company also launched new IPs like Julius Jr., Glitter Force (a re-versioned adaptation of the Japanese Pretty Cure property), Kibaoh Klashers and Luna Petunia to mixed results. With the sale of its properties to Hasbro, the division seems to have become redundant to Saban Capital Group.
The asset sale to Hasbro is expected to close by the end of Q2 2018, which wraps up on June 30th.