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Iconix Brand Buys Some Expensive Peanuts

| Filed under: Business Blitz

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Good grief!

On Tuesday, E.W. Scripps Co announced it has sold the licensing rights of the Peanuts to Iconix Brand for an astounding $175 million.

Snoopy doesn't come cheap, does he?

In addition to their licensing purchase, Iconix will now own 20% of the Peanuts. And surprisingly, the Schulz family is happy about the new deal! Charles Schulz son explains:

"Peanuts now has the best of both worlds. 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."

With the new addition of the Peanut Iconix expects to make over $75 million a year off Charlie Brown and the gang.

Not bad considering the comic strip characters are over 50 years old!

[Image via WENN.]

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