Hasbro to buy Galoob, issues earnings warning

Article Abstract:

Hasbro Inc. has reached an agreement to acquire Galoob Toys Inc. for $220 million. Galoob licenses "Star Wars" toys. The acquisition represents a major blow to Mattel Inc. In addition, Hasbro cautioned that it is predicting earnings of 55 cents per diluted share during the third-quarter of 1998. This is approximately 5 cents below what analysts had forecasted. Hasbro is also assuming a one-time charge connected to its recent purchase of MicroProse Inc.

Comment:

Hasbro Inc. reaches agreement to acquire Galoob Toys Inc. for $220 million

Asset sales & divestitures, Acquisitions & mergers, Company Planning/Goals, Toys, Galoob Toys Inc.

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Hasbro hopes Japan's "Pokemon" grabs U.S. children

Article Abstract:

Kyoto, Japan-based Nintendo Ltd. and Pawtucket, RI-based Hasbro Inc. are preparing the US versions of video games and toys based on "Pokemon" or "Pocket Monsters". The figures are based on an antimated TV show in which a 10-year-old boy directs a group of weird but friendly criters against a malevolent menagerie trained by villains. The craze has generated $4 billion in retail sales in Japan.

Comment:

Preparing w/ Nintendo US versions of video games & toys based on "Pokemon" or "Pocket Monsters"

Product development, Audio and Video Equipment Manufacturing, New Products/Services, Consumer Electronics NEC, Consumer electronics, Nintendo Company Ltd.

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Baum to quit Quaker State to join Hasbro

Article Abstract:

After a year-long search for a COO and president, Hasbro hired Herbert M. Baum away from Quaker State. His new duties will begin in January with the toymaker that is already expecting Furby to be hotter than ever in 1999. Baum will mentor and oversee strategies. The company's Star Wars figures are expected to sell second only to Mattel's Barbie dolls.

Executive changes & profiles, Games, toys, and children's vehicles, Officials and employees, Abstract, Toy industry, HAS, Quaker State Corp., KSF

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