Hasbro, Inc. and Discovery Communications announced an agreement to form a 50/50 joint venture, including a television network and website, dedicated to high-quality children’s and family entertainment and educational programming. As part of the transaction, the joint venture also will receive a minority interest in the U.S. version of Hasbro.com. Both the network and the venture’s online component will feature content from Hasbro’s portfolio of entertainment and educational properties including original programming for animation, game shows, and live-action series and specials. At the closing of the transaction, Hasbro will purchase a 50% stake in the venture, which will hold the assets related to Discovery Kids Network in the U.S., for which Discovery Communications will receive $300 million. The joint venture’s rebranded network is expected to debut in late 2010. The network will continue to operate as Discovery Kids until the debut of the to-be-named channel and new programming slate. Discovery Communications will retain the Discovery Kids brand for, among other things, its international networks and its licensing and merchandising business.