Hasbro Selling Entertainment One’s Music Arm For $385 Million In Cash

Canadian National Railway Q1 Profit Down

Canadian National Railway Co (CNR.TO) Monday reported first-quarter profit of C$974 million or C$1.37 per share, down from last year’s profit of C$1.01 billion or C$1.42 per share.

Excluding items, Canadian National Railway reported adjusted earnings of C$1.23 per share, up from C$1.22 per share last year.

The company’s revenue for the quarter dropped slightly to C$3.54 billion from C$3.55 billion last year.

Analysts polled by Thomson Reuters estimated earnings of $1.00 per share on revenues of $2.88 billion.

Looking forward to full year 2021, Canadian National now expects double-digit adjusted earnings growth, compared to C$5.31 reported last year. Analysts currently estimate earnings of $4.73 per share.

Previously, the company expected adjusted earnings growth in the high single-digit range.

Gavin Newsom Recall Clears Signature Threshold To Qualify For Ballot, California Secretary Of State Says

Organizers of the campaign to recall California Governor Gavin Newsom have cleared the threshold of the number of valid signatures needed to trigger a vote later this year, but it is not yet official.

Secretary of State Shirley Weber’s office said on Monday that “the requisite number of valid signatures has been reported to our office to initiate the recall of Governor Gavin Newsom. However, county elections officials must continue to verify the validity of any remaining signatures and must report the final signature verification on April 29, 2021.” The number of valid signatures stands at 1,626,042, about 100,000 more than needed. Almost 1.5 million are needed to make the ballot.

The next step will be a 30 day period in which voters may request that county officials remove their names from recall petitions. If there are still enough valid signatures, it then goes to a cost estimate, and then a review and comment period before certification.

But there is expectation among Republicans and Democrats that the recall election will go forward, as Republicans like Caitlyn Jenner, John Cox and former San Diego Mayor Kevin Faulconer have declared their intention to run. Allies of Newsom, meanwhile, have started to raise money. Such entertainment figures as Tom Rothman, Chris Silbermann, Jay Sures and Jeff Shell have been recent contributors to Newsom’s 2022 reelection campaign.

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W. Galen Weston, Who Transformed a Family Food Empire, Dies at 80

Faced with the task of turning around a nearly bankrupt supermarket chain, he made private-label merchandise fashionable.

By Ian Austen

Census, India, Apple-Facebook: Your Monday Evening Briefing

Here’s what you need to know at the end of the day.

By Victoria Shannon and Jade-Snow Joachim

South Korea Q1 GDP beats expectations on investment, export bounce

SEOUL, April 27 (Reuters) – South Korea’s economy grew faster than expected in the first quarter, expanding 1.6% from the previous quarter, data from the Bank of Korea showed on Tuesday.

That was faster than a revised 1.2% expansion in the final three months of 2020 and a median forecast for 1.0% growth in a Reuters poll.

Gross domestic product expanded 1.8% year-on-year in the January-March period after shrinking a revised 1.2% three months earlier, also beating an expansion of 1.1% seen in the poll.

Packaging Corporation of America Q1 adjusted earnings Beat Estimates

Packaging Corporation of America (PKG) reported earnings for its first quarter that climbed from the same period last year.

The company’s earnings totaled $166.5 million, or $1.75 per share. This compares with $141.7 million, or $1.49 per share, in last year’s first quarter.

Excluding items, Packaging Corporation of America reported adjusted earnings of $168.9 million or $1.77 per share for the period.

Analysts had expected the company to earn $1.46 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 5.8% to $1.81 billion from $1.71 billion last year.

Packaging Corporation of America earnings at a glance:

-Earnings (Q1): $168.9 Mln. vs. $142.6 Mln. last year.
-EPS (Q1): $1.77 vs. $1.50 last year.
-Analysts Estimate: $1.46
-Revenue (Q1): $1.81 Bln vs. $1.71 Bln last year.

EARNINGS SUMMARY: Details of Helix Energy Solutions Q1 Earnings Report

Below are the earnings highlights for Helix Energy Solutions (HLX):

-Earnings: -$2.88 million in Q1 vs. -$11.94 million in the same period last year.
-EPS: -$0.02 in Q1 vs. -$0.09 in the same period last year.
-Analysts projected -$0.07 per share
-Revenue: $163.42 million in Q1 vs. $181.02 million in the same period last year.

Hasbro Selling Entertainment One’s Music Arm For $385 Million In Cash

Toymaker-turned-Hollywood producer Hasbro said Monday that it’s selling the music business of Entertainment One to investment firm Blackstone for $385 million in cash.

Specifically, it is selling eOne Music to entities controlled by Blackstone, which also owns SESAC, a leading music rights organization. Subsequent to the closing, eOne Music will operate as a separate business unit headed by current president Chris Taylor, a music industry veteran.

Hasbro acquire the music unit along with its 2019 acquisition of Canada’s Entertainment One.

“This transaction will ensure that eOne Music is well positioned to unlock great opportunities for its many talented artists and partners, as Hasbro continues to focus on the core strategic elements of … play and entertainment,” said Brian Goldner, CEO of the Pawtucket, RI-based Hasbro.

Hasbro said it intends to use its net proceeds from the sale to pay down down debt and other general corporate purposes. The deal is expected to close in the second or third quarter of 2021.

Hasbro brands include Magic: The Gathering, Nerf, My Little Pony, Transformers, Play-Doh, Monopoly, Dungeons & Dragons, Power Rangers, Peppa Pig and PJ Masks.

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