Hasbro Buying Cranium

Hasbro lands on Cranium and decides to buy for $77 million.
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Hasbro

(HAS) - Get Report

, maker of children's toys as well as board games such as Monopoly and Scrabble, has struck a deal to buy out game maker Cranium for a base price of $77.5 million.

The precise sum, which will include debt absorption, could shift depending on Cranium's net assets on the closing date, which according to Hasbro, should occur within the current quarter.

Cranium is privately held and makes a number of games for children and adults, including its namesake board-game product.

Hasbro Chief Operating Officer Brian Goldner predicted the brand will now have a "real opportunity for growth in international markets." He also called the move part of Hasbro's "ongoing strategy to bring to market the most innovative toy and game brands in the world."

Shares of Pawtucket, R.I.-based Hasbro were recently falling 78 cents, or 3.2%, to $23.90.