Hasbro has inked an agreement to acquire a number of Saban Brands’ entertainment properties—including the billion-dollar Power Rangers franchise, as well as My Pet Monster, Popples, Julius Jr., Luna Petunia and Treehouse Detectives— for approximately US$522 million in cash and stock. The deal includes all related intellectual property, category rights and content libraries owned by Saban Properties and its affiliates for these aforementioned brands.

Saban Brands founder and Power Rangers creator Haim Saban will work with Hasbro in a consulting role. In a statement, Hasbro chairman and CEO Brian Goldner said the company saw potential for the Power Rangers franchise across its entire Brand Blueprint, particularly relating to toys and games, consumer products, digital gaming and entertainment.

The news comes in the wake of Saban Brands tapping Hasbro as global master toy licensee for the Power Rangers brand, effective April 1, 2019. Under the terms of the deal announced in February, Saban gave Hasbro the opportunity to initiate a purchase of the property. (The first Power Rangers products from Hasbro will be available in spring 2019.)

Hasbro previously paid Saban Brands US$22.25 million as part of the master toy license agreement, and that amount will be credited against the purchase price for Saban’s various entertainment brands. The terms of the purchase agreement will see Hasbro pay an additional US$229.75 million in cash and issue US$270 million worth of Hasbro common stock for the brands. The agreement is expected to close in Q2 2018.

The purchase of Saban’s entertainment brands follows a difficult first quarter for Hasbro. The toymaker’s net revenue declined by 16% in Q1 2018 due to Toys “R” Us liquidations in the US and UK, as well as retail inventory overhang in Europe. Hasbro’s Franchise Brands declined by 19% to US$361.7 million in the first quarter, though its Entertainment and Licensing segment saw revenue increase by 21% to US$64 million.

In other news, Hasbro today announced the launch of a new Lock Stars collectibles line. The first range features 48 different characters including monsters, unicorns, robots and food, with additional characters set to bow later this year. Once unlocked, the collectible figures reveal surprise accessories and the lock characters can also be clipped onto apparel, bags and shoes, or worn as jewelry. The range is currently available through Walmart and HasbroToyShop.com.