(Reuters) – Discovery Communications Inc is seeking a controlling interest in The Hub, reducing partner and toymaker Hasbro Inc’s share of the children’s cable TV network, the Wall Street Journal reported on Wednesday, citing sources familiar with the matter.
Hasbro will retain a large stake in the Hub Television Networks Llc, which Discovery will rebrand as a family network, the newspaper said.
Since its launch nearly four years ago, the joint venture has struggled to compete against two more established children’s networks: Viacom Inc’s Nickelodeon and Walt Disney Co’s Disney Channel.
In June, Hub President and Chief Executive Margaret Loesch said she would leave the channel at the end of the year.
The Hub will be renamed Discovery Family, with the rebranding and launch possibly taking place as early as the fourth quarter, WSJ said.
Hasbro will control daytime programming on the network from 9 a.m. to 3 p.m., the report said.
Discovery declined to comment on the story. Hasbro did not respond to a telephone call or an email seeking comment.
(Reporting by Krishna Chaithanya; Editing by Jonathan Oatis)
- Discovery Communications Inc
- Hasbro Inc