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By Associated Press
POSTED: 03:00 p.m. EDT, Jul 23, 2008
Strawberry Shortcake and the Care Bears are moving to Canada.
Greeting card maker American Greetings Corp. said today it will sell the product licenses to Cookie Jar Entertainment of Toronto for $195 million. Cookie Jar produces children's entertainment and educational materials.
American Greetings will still have greeting card licensing rights to Strawberry Shortcake and the Care Bears for 10 years.
Strawberry Shortcake and the Care Bears were reintroduced in 2002 and have since generated more than $5 billion in combined licensed retail sales.
The deal is scheduled to close Sept. 30.
As part of the agreement, Cookie Jar also will acquire rights to the Sushi Pack property co-produced by American Greetings and DIC Entertainment of Burbank, Calif. Cookie Jar announced separately Wednesday that it has completed its previously announced acquisition of DIC.
Cleveland-based American Greetings said it will continue developing its Twisted Whiskers, Mad Balls, Holly Hobbie, TinPo and Maryoku Yummy properties.
Strawberry Shortcake and the Care Bears are moving to Canada.
Greeting card maker American Greetings Corp. said today it will sell the product licenses to Cookie Jar Entertainment of Toronto for $195 million. Cookie Jar produces children's entertainment and educational materials.
American Greetings will still have greeting card licensing rights to Strawberry Shortcake and the Care Bears for 10 years.
Strawberry Shortcake and the Care Bears were reintroduced in 2002 and have since generated more than $5 billion in combined licensed retail sales.
The deal is scheduled to close Sept. 30.
As part of the agreement, Cookie Jar also will acquire rights to the Sushi Pack property co-produced by American Greetings and DIC Entertainment of Burbank, Calif. Cookie Jar announced separately Wednesday that it has completed its previously announced acquisition of DIC.
Cleveland-based American Greetings said it will continue developing its Twisted Whiskers, Mad Balls, Holly Hobbie, TinPo and Maryoku Yummy properties.
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