A team of lawyers from O'Melveny & Myers may have found themselves muttering “good grief,” more than a few times when working on a sale of the iconic “Peanuts” comic strip to Japanese electronics maker Sony Corp.'s music unit.

Sony Music Entertainment announced on May 14 that it had signed a $185 million all-cash deal with Canada-headquartered DHX Media to acquire 49 percent of the 80 percent stake that DHX holds in the Peanuts brand, which includes such beloved characters as Charlie Brown, Linus van Pelt, Peppermint Patty, Snoopy and Woodstock.

DHX acquired the classic children's cartoons “Peanuts” and “Strawberry Shortcake” in May 2017 as part of its $345 million acquisition of an entertainment division owned by the Iconix Brand Group Inc. Under the terms of the current deal, DHX Media will be left with a 41 percent stake in “Peanuts,” while the estate of Charles Schulz, the comic strip's creator, will own 20 percent.

A corporate team from O'Melveny, led by partner Bruce Tobey, who joined the firm in 2012 from CBS Films before being promoted two years later to co-head of the firm's entertainment and media practice, advised Sony on the deal. Other O'Melveny lawyers working on the matter included corporate partner Scott Sugino, of counsel Eric Geffner and associate Cliff Wren.

Members of the legal team at O'Melveny, which earlier this week grabbed a lead role on the proposed $2.2 billion sale of the National Football League's Carolina Panthers, were unable to immediately comment about the “Peanuts” transaction. In a press release, Sony said it sees Peanuts as a “world-class IP,” and hopes to use its expertise in the character business to grow its business and strengthen the brand.

Sony and DHX Media expect their deal to close on June 30. Bryan Cave Leighton Paisner, formed earlier this year through a merger, advised DHX Media with a team led by Los Angeles-based corporate partner David Andersen. Other Bryan Cave lawyers working on the deal include IP and licensing partner Andrew Klungness, tax partners Frank Crisafi and Suzanne Rodekohr, finance partner Jeffrey Chavkin, antitrust counsel Danielle Mangogna and associates Aaron Ginsburg, Elizabeth Haden and Timothy Hanson.

As for Schulz, who died in 2000, he came up with Peanuts in the 1950s as a comic strip to run in U.S. newspapers. It has since spawned television cartoons, movies and a huge range of licensed merchandise, while now being carried in 2,200 newspapers around the world in 21 languages.

In addition to owning Peanuts, DHX Media's other content brands include Caillou, Degrassi, Inspector Gadget and Teletubbies. The sale of Peanuts comes the same month that Paul Hastings advised on a $522 million cash-and-stock sale of Powers Rangers entertainment franchise to toy giant Hasbro Inc.