Snoopy sold for$175 million

Snoopy, Charlie Brown and the rest of the 'Peanuts' gang have been sold for $175 million.

E.W. Scripps Co. confirmed it will sell the unit that owns the licensing rights to "Peanuts" to Joe Boxer owner Iconix Brand Group Inc.

The sale of United Media Licensing also means Iconix has a new partnership with the family of the late "Peanuts" creator, Charles Schulz. They'll receive 20 per cent ownership in the unit that owns "Peanuts" and pay that percentage of the sale price.

United Media Licensing represents other character brands such as Dilbert and Fancy Nancy, but the bulk of its licensing business comes from "Peanuts." The unit's licensed merchandise has annual sales of more than $2 billion.

Scripps first brought the strip to market in 1950. By the time Schulz retired in 1999, Peanuts was in more than 2,600 papers. Schulz died in February 2000.

Scripps said the cash deal will close by the end of the second quarter.

The newspaper publisher and TV station owner announced in February it was exploring a sale.

Iconix, formerly known as Candie's, owns and licenses brands such as Joe Boxer, London Fog, Starter and Mudd. The company, based in New York, licenses its brands to retailesr, wholesalers and suppliers.

Scripps will still own United Media's syndication operations, so it will continue to syndicate comic strips and editorial features.

"The Peanuts characters have been our entertaining co-workers and the Schulz family has been our trusted partner for nearly 60 years. But this is the right move for all involved as we go our separate ways in recognition of changing times and new strategies," said Scripps CEO Rich Boehne.

Neil Cole, Iconix CEO, said the purchase moves the company away from being one focused solely on fashion into new realms that include theme parks, media and financial institutions.

"Peanuts now has the best of both worlds," said Schulz's son, Craig Schulz. "Family ownership and the vision and resources of Iconix to perpetuate what my father created throughout the next century with all the goodwill his lovable characters bring." (www.telegraph.co.uk)