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Hasbro closes deal with Saban to be the new owners of the Power Rangers franchise

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May 1, 2018, 1:04 PM EDT

After 25 years at their original home, the Power Rangers have a new owner. Hasbro Inc. announced Tuesday that it has entered a "definitive agreement" with Saban Properties to acquire the Power Rangers franchise, as well as other properties, for a combined cash and stock value of $522 million.

The move comes just months after the two companies entered into a deal for Hasbro to purchase the master toy license for the Power Rangers brand, and now that deal has led to a much bigger overall agreement that will see the iconic franchise move to a new company.

“Power Rangers is an iconic brand built on a heritage of great storytelling and merchandising with tremendous upside potential when fully executed across Hasbro’s Brand Blueprint,” Brian Goldner, Hasbro’s chairman and chief executive officer, said in a press release. “Shortly after entering into our licensing arrangement, it became clear that now was the time to begin investing in unlocking Power Rangers’ full potential. We see significant opportunity for Power Rangers across our entire Brand Blueprint, including toys and games, consumer products, digital gaming and entertainment, as well as geographically throughout our global retail footprint.”

Created by Haim Saban, the Power Rangers franchise debuted in 1993 with the TV series Mighty Morphin Power Rangers and has spawned 25 seasons and more than 900 episodes of television, as well as video games, toys, comics, and feature films. A  rebooted feature film was released by Lionsgate in 2017. According to Hasbro's announcement, Saban will continue to have a consulting role with the franchise going forward. Power Rangers products developed by Hasbro are set to arrive next year.

“25 years after launching Power Rangers, I believe the future for this brand has never been greater,” Saban said. “Hasbro’s leadership in innovation, storytelling and brand stewardship make it the perfect company to further develop the global reach and appeal of the Power Rangers property. I look forward to working with Brian and the team in the years to come.”

One thing that's yet to be seen, and isn't mentioned in the announcement, is whether this agreement will include the production of future feature films. Hasbro is already working on expanding its role in the movie and TV production of its other properties, including the development of films based on M.A.S.K. and ROM: Spaceknight. Power Rangers seems like a logical fit in that respect as well, but Hasbro's plans in that area aren't yet clear. 

Other properties purchased under the agreement include My Pet Monster, Popples, Julius Jr., Luna Petunia, and Treehouse Detectives.