(Reuters) – Hasbro lowered its full-year revenue forecast on Thursday as its entertainment segment, which includes eOne film and TV studio, is expected to take a hit from the ongoing writers’ and actors’ strike.
The company forecast fiscal 2023 revenue would decline 3% to 6%, compared with its previous outlook of a low-single-digit decline, as entertainment segment revenue is expected decline between 25% and 30%.
Separately, the toymaker said it would sell its eOne film and TV studio to Lionsgate Entertainment for about $500 million as part of its efforts to focus on more profitable brands.
(Reporting by Savyata Mishra in Bengaluru; Editing by Vinay Dwivedi)
