(Reuters) - Entertainment One Ltd (ETO.L) on Friday posted a wider first-quarter loss, dented by lower sales in its film, television & music segment, as the Canada-based company prepares to be acquired by U.S. toy maker Hasbro Inc (HAS.O).
The company said its loss before tax widened to 43.9 million pounds ($54.65 million) from 6.8 million pounds last year.
Quarterly sales were dragged by leaner performance in the film, television & music division due to lower broadcasting and licensing revenues, the entertainment firm said.
Revenue fell nearly 7% to 173.1 million pounds compared with the same period last year.
In August, Hasbro said it will buy Entertainment One for about $4 billion in cash, adding the independent studio with preschool brands such as Peppa Pig to the U.S. company known for Nerf and Power Rangers.
Entertainment One, which started life as a Canadian record and tape retailer, recently signed a multi-year production deal with award-winning producer Mark Gordon, who has worked on “Saving Private Ryan” and “Grey’s Anatomy”.
Reporting by Aakash Jagadeesh Babu in Bengaluru; Editing by Bernard Orr and Sherry Jacob-Phillips