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Hasbro Seeks to Sell “Dungeons & Dragons” IP, Preliminary Talks with Tencent

Hasbro Seeks to Sell “Dungeons & Dragons” IP, Preliminary Talks with Tencent

In a report obtained by, the American toy company Hasbro is actively seeking to sell its renowned intellectual property, “Dungeons & Dragons” (DND), with Tencent being one of the potential buyers.

At this stage, negotiations are in their early phases, and both parties have yet to reach a consensus on the transaction details.

According to insiders, the financial crisis facing Hasbro is the primary reason behind their decision to consider selling DND. Tencent-backed Larian Studios, known for developing “Baldur’s Gate 3,” which won the 2023 TGA Game of the Year award and is regarded as one of the most successful adaptations of DND in video games, initially showed interest in acquiring the property. However, due to financial constraints, Larian ultimately introduced Tencent as a potential buyer.

Founded in 1923, Hasbro boasts a century-long history. In 1935, the company began its rise to becoming a world-class toy company, featuring iconic IPs such as Transformers, Dungeons & Dragons, Monopoly, My Little Pony, and more. However, this century-old enterprise is currently grappling with significant challenges due to sustained losses. The company’s stock price has plummeted from its peak of $108 in 2019 to $51 as of January 26, 2024.

As per financial reports, Hasbro has reported losses for four consecutive quarters, with a cumulative loss of over $500 million from Q4 2022 to Q3 2023. In Q2 2023, the company even faced negative free cash flow. To combat these challenges, Hasbro resorted to substantial layoffs, cutting over 1,900 employees, accounting for over 20% of its workforce, as reported by Forbes.

Despite the overall financial woes, Hasbro’s Dungeons & Dragons-related intellectual property remains a valuable asset, particularly in the realm of video game adaptations. Larian Studios’ release of “Baldur’s Gate 3” last year garnered critical acclaim and commercial success, earning six TGA awards, including Game of the Year, and surpassing the revenue of the Harry Potter IP-adapted game, “Hogwarts Legacy,” making it the top-grossing PC game of the year.

The success of “Baldur’s Gate 3” has also reflected positively in Hasbro’s financial data. Financial reports indicate that Hasbro’s electronic gaming and licensing-related businesses experienced a 40% year-over-year growth, reaching $423 million, driven by titles like “Baldur’s Gate 3” and another Monopoly-themed game, “Monopoly Go!” during Q3 2023.

An insider from Tencent’s Interactive Entertainment Group (IEG) revealed to Speed-Daily that Tencent’s IEG Global division, responsible for overseas business, is engaging in negotiations with the aim of acquiring a series of rights, including electronic game adaptation rights, for Dungeons & Dragons.

According to the same insider, Tencent currently holds game adaptation rights for numerous top-tier IPs. However, due to the non-exclusive licensing model, Tencent often faces challenges such as high licensing fees and revenue sharing agreements, as well as collaborative issues in development and operation with their partners. Tencent’s attempt to develop a mobile game based on the “NieR” IP with TiMi Studios is a recent example that faced hurdles and was ultimately canceled.

If the acquisition succeeds, Tencent will gain significant control over the Dungeons & Dragons IP, substantially mitigating these challenges.


Monday 5th of February 2024

This is fake news. Hasbro has confirmed they are NOT selling DnD to anyone.