Barnes & Thornburg Helps Guide WildBrain in $457M Peanuts Deal

Barnes & Thornburg is acting as U.S. legal advisor to WildBrain, a global leader in family entertainment, in the $457 million sale of its controlling stake in Charles Schulz’s iconic “Peanuts” franchise — featuring Charlie Brown, Snoopy and other beloved characters — to Sony.

Canadian media company WildBrain entered into a definitive agreement with Japanese conglomerate Sony to sell all of its 41% stake in Peanuts Holdings, the holding company for Peanuts IP, to Sony Music Entertainment and Sony Pictures Entertainment in an all-cash deal. The companies announced the transaction on Dec. 18, 2025, which will be completed pending certain closing conditions, including regulatory approvals.

WildBrain bought the Peanut brand in 2017 and sold a 39% stake to Sony the following year. The deal increases Sony’s stake to 80% and values the business at more than $1 billion.

“Sony has been an excellent partner on the ‘Peanuts’ brand for many years, and we’re confident that Charlie Brown, Snoopy and the gang are in good hands with them,” said Josh Scherba, president and CEO of WildBrain. “We’d like to thank the Peanuts Worldwide team, as well as the Schulz family, for their incredible collaboration, and we look forward to working with them and Sony going forward to continue driving global success for ‘Peanuts.’"

WildBrain will use the proceeds to eliminate its debt, accelerate growth of its Strawberry Shortcake and Teletubbies franchise, and invest in its digital content network across its YouTube, FAST and AVOD channels.

Schulz first introduced the “Peanuts” gang to the world in 1950, when the comic strip debuted in seven newspapers. Since then, the brand has become a global franchise, with toys, movies and holiday specials still appearing on television, including 1965’s “A Charlie Brown Christmas.”

The deal made headlines in The Wall Street Journal, Variety, The Hollywood Reporter, Deadline.com and other news sources.

The BT team is led by partner David Andersen. The team also includes partners Michele Alexander, Rebecca Bernhard, Brittany McCants, Nicholas Glabraith, Bryan Thompson, Amanda Taber, Brian McGinnis, Michael Carrillo, Scott Hulsey; and counsels Rebecca Rosen and Albert Farr. Goldman Sachs is acting as exclusive financial advisor to WildBrain. Hogan Lovells and Morgan Stanley are advising Sony.