Hasbro spends $112M for most of Backflip in mobile play

Hasbro Inc., the world’s second- largest toymaker, purchased a majority stake in Backflip Studios Inc. for $112 million in cash as it attempts to capture a bigger piece of the mobile-gaming market. More

To continue reading this article, please do one of the following.



technology

Hasbro spends $112M for most of Backflip in mobile play

BLOOMBERG FILE PHOTO/MICHAEL SPRINGER
HASBRO INC. has purchased a 70 percent stake in mobile-gaming company Backflip Studios Inc. for $12 million.
Posted 7/9/13

NEW YORK - Hasbro Inc., the world’s second- largest toymaker, purchased a majority stake in Backflip Studios Inc. for $112 million in cash as it attempts to capture a bigger piece of the mobile-gaming market.

Hasbro acquired a 70 percent stake in Backflip Studios, according to a statement from the Pawtucket -based toy company. Closely held Backflip, founded in 2009, has developed such mobile games as DragonVale and Paper Toss.

Hasbro didn’t disclose financial data for Backflip and said the transaction would be “slightly accretive” to its 2013 results.

The toy industry has experienced slowing sales growth amid the rising popularity of tablets among kids and teenagers. In response, companies have made toys that integrate mobile applications and handheld games based on popular brands.

Hasbro is looking for ways to boost revenue, which declined 4.6 percent to $4.01 billion last year.

“The acquisition of Backflip fits perfectly into our strategy of extending our brands into all forms and formats,” Brian Goldner, CEO of Hasbro, said in the statement. “As mobile play continues its rapid growth, Backflip’s leadership position, great games and established network of users, makes Hasbro a more meaningful participant in digital gaming.”

Hasbro rose 0.4 percent to $46.79 at 3:21 p.m. in New York. The shares had gained 30 percent this year through July 5 compared to a 14 percent advance for the Standard & Poor’s 500 Index.

Backflip is based in Boulder, Colo.

Calendar
PBN Hosted
Events

Two Great Programs...One Great Event. PBN's Annual Celebration of Growth and Innovation is now underway. 2014 applications are now available. Deadline August 1st.
  • 40 Under Forty
    We're almost sold out. The 10th Anniversary of 40 Under Forty, and PBN is planni ...
  • Healthiest Employers
    Save the date - August 14th - at the Providence Marriott for the 3rd annual Heal ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement