According to the Hollywood Reporter, toy maker Hasbro has acquired Canadian studio Entertainment One as part of a $4 billion all-cash transaction. eOne is home to Ace Frehley, Zakk Wylde/Black Label Society, Crowbar, Pop Evil among others..

The deal, unveiled Thursday after the market close, hands Hasbro eOne's Peppa Pig and PJ Masks kids series and other top properties like Nickelodeon's Ricky Zoom. Under the terms of deal, eOne shareholders will receive $6.80 in cash for each common share, which Hasbro said represents a 31 percent premium to its 30-day average price.

Hasbro will use debt financing and a $1 billion to $1.25 billion equity offering to fund the takeover of eOne, which trades on the London Stock Exchange.

"The acquisition of eOne adds beloved story-led global family brands that deliver strong operating returns to Hasbro’s portfolio and provides a pipeline of new brand creation driven by family-oriented storytelling, which will now include Hasbro’s IP,” said Brian Goldner, Hasbro chairman and CEO in a statement.

eOne has a substantial TV library along with theatrical distribution in Canada, the U.K., Benelux and Australia, even as the indie distributor has done fewer and more higher-profile releases in recent years.

Hasbro, known for its toy-to-film properties like Transformers and G.I. Joe, touted the acquisition for accelerating his company's "brand blueprint strategy" by adding eOne's family brands and film and TV expertise.

Hasbro expects its takeover deal to close by the end of 2019.

Read more at the Hollywood Reporter.