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A team of lawyers from O’Melveny & Myers may have found themselves muttering “good grief,” more than a few times when working on a sale of the iconic “Peanuts” comic strip to Japanese electronics maker Sony Corp.’s music unit.

Sony Music Entertainment announced on May 14 that it had signed a $185 million all-cash deal with Canada-headquartered DHX Media to acquire 49 percent of the 80 percent stake that DHX holds in the Peanuts brand, which includes such beloved characters as Charlie Brown, Linus van Pelt, Peppermint Patty, Snoopy and Woodstock.

DHX acquired the classic children’s cartoons “Peanuts” and “Strawberry Shortcake” in May 2017 as part of its $345 million acquisition of an entertainment division owned by the Iconix Brand Group Inc. Under the terms of the current deal, DHX Media will be left with a 41 percent stake in “Peanuts,” while the estate of Charles Schulz, the comic strip’s creator, will own 20 percent.

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Xiumei Dong

Xiumei Dong covers the business of law from the West Coast. Contact her at [email protected] On Twitter: @XiumeiDong.

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