A ¥71 Billion Mega-Investment Aimed at Full Control of a Global IP and U.S.–Japan Synergies

On December 19, 2025, Sony Group announced a major acquisition that sent shockwaves through the global entertainment industry. Sony Music Entertainment Japan (SMEJ) and Sony Pictures Entertainment (SPE), both subsidiaries of Sony Group, jointly decided to acquire additional shares in Peanuts Holdings LLC, the company that manages the globally beloved “Peanuts” brand, known for the iconic character Snoopy, and to make it a consolidated subsidiary.

Under this transaction, Sony agreed to purchase the entire approximately 41% stake held by Canadian media company WildBrain Ltd. for about CAD 630 million (approximately USD 457 million, or roughly ¥71 billion). As a result, Sony Group’s ownership in Peanuts Holdings will reach 80% when combined with the approximately 39% stake it acquired in 2018, giving Sony full managerial control. The remaining 20% will continue to be held by the family of creator Charles M. Schulz (the Schulz family), preserving their role in creative oversight.

A particularly noteworthy aspect of this acquisition is the collaboration between Sony Group’s two major entertainment pillars: music (SMEJ) and film (SPE). Typically, IP acquisitions of this scale are led by a single business unit, but this deal clearly embodies Sony’s “One Sony” strategy—combining SMEJ’s branding expertise, cultivated through its success with Snoopy in Japan, with SPE’s global film production and distribution capabilities rooted in Hollywood.

Based on the acquisition price, the implied enterprise valuation of Peanuts Holdings is approximately USD 1.1 billion (around ¥170 billion), an exceptionally high valuation for a single comic-based IP. Through this investment, Sony aims to position evergreen, recession-resilient IP assets at the core of its portfolio, complementing its more volatile electronics and gaming businesses.

WildBrain’s Urgent Financial Restructuring and the Continuation of a “Strategic Partnership”

For the seller, Canada-based WildBrain, this divestment was part of an unavoidable financial strategy. The company has long struggled with substantial interest-bearing debt, and the approximately CAD 630 million in cash proceeds from this transaction are slated entirely for the repayment of its senior secured credit facility. CEO Josh Scherba has described the deal as a decisive move to clean up the balance sheet and restore financial health, allowing the company to refocus its management resources on rebooting and growing other IPs it fully owns, such as Strawberry Shortcake and Teletubbies.

However, this does not signify WildBrain’s complete exit from the Peanuts business. Instead, the relationship between WildBrain, Sony, and Peanuts Holdings will continue in a new form. WildBrain will remain the exclusive production studio for new Peanuts animated series and specials produced for Apple TV+. This partnership has been extended through 2030, ensuring that WildBrain continues to lead the actual creative production process.

In addition, WildBrain will, for the time being, continue to handle licensing management and YouTube channel operations in Europe, China, and the Asia-Pacific region outside Japan. In essence, Sony has acquired the “rights and management control,” while WildBrain continues to handle “production and selected regional operations,” creating a rational division of roles that benefits both parties. This structure allows ownership to change hands without disrupting the quality or supply of content cherished by fans.

The “Snoopy Economic Sphere” Supported by the Japanese Market and Sony’s Winning Strategy

Why did Sony commit such a massive sum to securing control of the Snoopy brand? The answer lies in the unique market structure surrounding Snoopy—particularly the overwhelming importance of Japan. Industry estimates suggest that Japan accounts for approximately 40% of global Peanuts-related sales. Although Snoopy is an American-born character, it is no exaggeration to say that its commercial “holy land” lies in Japan.

Sony Creative Products (SCP), a Sony Group subsidiary, has served as the exclusive licensing agent in Japan since 2009 and has successfully redefined Snoopy not merely as a children’s character, but as a “lifestyle brand” appealing to adult women and design-conscious consumers. The success of location-based entertainment (LBE) ventures such as the Snoopy Museum in Roppongi and the Peanuts Hotel in Kobe exemplifies this strategy.

SMEJ has accumulated sophisticated know-how in monetizing character brands—from merchandise to spatial design—without eroding brand value. By making Peanuts Holdings a consolidated subsidiary, Sony now gains the authority to roll out this “Japan-born success model” globally, particularly across the rapidly growing Asian market, leveraging SPE’s worldwide network.

Analysts have also praised the acquisition as a hedge against the volatility of Sony’s gaming and film businesses. While blockbuster games and films can generate enormous profits, failures can result in equally significant losses. In contrast, licensing revenues from a well-established IP like Snoopy are relatively immune to economic cycles and highly predictable. As Sony Group strengthens its recurring revenue model, the acquisition of Peanuts Holdings is expected to serve as a powerful anchor stabilizing its financial foundation.

Next-Generation Expansion Through “One Sony” and the Fusion of Technology

With Sony Group now holding 80% ownership, the Peanuts brand is entering a new phase. The most closely watched development is the acceleration of multimedia expansion driven by collaboration between SMEJ and SPE. Joint statements by SMEJ CEO Toshiaki Muramatsu and SPE CEO Ravi Ahuja suggest that animation films, music, and merchandise will become more organically interconnected.

SPE has recently achieved success with innovative animation techniques in titles such as Spider-Man: Into the Spider-Verse, and there is strong potential for these capabilities to be applied to new Peanuts feature-length films. Beyond film and music, Sony’s technological assets may also come into play—ranging from family-oriented games on the PlayStation platform to avatar development in metaverse spaces, and even robotics applications inspired by Sony’s aibo technology.

At the same time, the challenge of preserving the legacy of creator Charles M. Schulz remains. The Schulz family continues to hold a 20% stake and retains a voice in the brand’s direction. Rapid franchise expansion, as seen after Disney’s acquisition of Star Wars, can risk alienating long-time fans. Sony is therefore expected to demonstrate careful “brand stewardship.” Muramatsu has emphasized Sony’s commitment to respecting the Schulz family while embracing new challenges, underscoring a balanced approach that preserves the brand’s core philosophy while updating it for modern times.

Seventy-five years after its debut in 1950, the story of Charlie Brown and Snoopy—born as a newspaper comic strip—has found a new steward in Japan’s Sony. With this partnership, the Peanuts brand now aims to evolve into a global icon capable of thriving for the next 100 years, transcending the boundaries between the digital and physical worlds.