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Warner Bros. May Sell Hasbro Stock

wbshield.jpg - 4924 BytesWarner Bros. may sell 500,000 common shares of Hasbro Inc. that it received from the toy maker under a Harry Potter licensing deal, a Securities and Exchange Commission filing on Friday said.

Warner Bros., a division of Time Warner Inc., holds the shares in the form of warrants, which gives it the right to buy the shares, according to the filing.

hasbro_logo_tn.gif - 2883 BytesIt acquired the warrants in connection with a license granted to Hasbro by Warner Bros. to develop certain products using characters from the first two Harry Potter books by J.K. Rowling as well as two motion pictures to be developed by Warner Bros. based on the books.

The warrants will become exercisable upon the U.S. release of the first of the movies. The release is currently scheduled for the latter part of 2001, Hasbro said in the SEC filing.

Hasbro, which is based in Pawtucket, R.I., will not receive any of the proceeds from the shares if they are sold.

Hasbro shares closed Friday up 1/16 to $11-7/16 on the New York Stock Exchange

[Posted 10/02/2000]

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