Steve Bertram is leaving Entertainment One as president, film & television after Hasbro unveiled a deal to sell the content division to Lionsgate for $500 million.

“With the business transitioning to a new owner, the time is right for me to move on,” Bertram told staff in an internal memo obtained by The Hollywood Reporter. Lionsgate offered no comment on Bertram indicating he will step down.

Bertram joined the then indie producer and distributor as president, global film group, in 2014 to oversee distribution operations in Canada, the U.K., the U.S., Australia/New Zealand, Spain and the Benelux. That followed Bertram leading new business development and operations at DreamWorks, reporting to CEO Jeffrey Katzenberg.  

Related Stories

Bertram in the internal memo said he will remain with eOne “for a short period” to help pave the way for eOne to land at Lionsgate. “Hasbro will appoint a transition team shortly that will be tasked with guiding the business for the next few months. You’ll hear directly from this transition team in the coming days,” he told eOne employees.

Earlier on Thursday, Hasbro and Lionsgate announced the acquisition in a deal that comprises $375 million in cash, subject to certain purchase price adjustments, and taking on board production financing loans. Both companies’ boards of directors have approved the transaction, which is expected to be completed by the end of 2023. 

The sale covers a content library of around 6,500 titles, productions for The Rookie, Yellowjackets and Naked and Afraid franchises and eOne’s unscripted business. The eOne branded film business has also produced and financed movies that includes Dungeons & Dragons: Honor Among Thieves and The Woman King.

In November, Hasbro announced that it was putting eOne up for sale and retained J.P. Morgan and Centerview Partners to assist with the sale process. In 2019, the toy maker acquired the Toronto-based studio for $3.8 billion, which houses most of its entertainment assets.

After selling off the eOne division, Hasbro is looking to reinvest in fewer, more profitable properties, and to do so with outside partners to reduce costs and risk. Hasbro CEO Chris Cocks, in a separate internal memo obtained by THR, told eOne employees that Lionsgate shared the Canadian-based studio’s “commitment to deliver bold, innovative film and television programming.”

“I know this is a challenging moment, and change is never easy. I want to thank you for your incredible partnership over the past few years and our continued commitment to creating premium film & TV content,” the Hasbro CEO added.