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Hasbro appoints new leaders for digital gaming, and people officer

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PAWTUCKET, R.I. – Hasbro, Inc. (NASDAQ: HAS), a global leader in toys and games, announced the expansion of its Executive Leadership Team with the addition of John Hight as President of Wizards of the Coast and Digital Gaming, and Holly Barbacovi as Chief People Officer. The appointments are part of the company’s strategic focus on enhancing digital experiences and reinforcing its commitment to a people-first culture.

John Hight, known for his significant contributions to the gaming industry, brings over a decade of experience from Blizzard Entertainment, where he managed the Warcraft franchise.

At Hasbro, Hight will oversee the company’s gaming studios and digital licensing agreements, as well as lead the strategy for popular franchises like MAGIC: THE GATHERING and DUNGEONS & DRAGONS. His leadership aims to drive global growth and develop new tabletop and digital experiences, leveraging his expertise in community building and digital gaming.

Holly Barbacovi returns to Hasbro after serving as Chief Operating Officer at Bungie and brings extensive experience in human resources from her previous roles at Amazon (NASDAQ:) Games and Microsoft (NASDAQ:).

As Chief People Officer, Barbacovi will head the global Human Resources organization, focusing on cultivating an inclusive and dynamic work environment aligned with Hasbro’s values. Her track record in enhancing employee engagement and promoting diversity and inclusivity is expected to be instrumental in the company’s ongoing transformation.

Chris Cocks, CEO of Hasbro, expressed enthusiasm for the new appointments, highlighting Hight’s passion for community-centric gaming and Barbacovi’s courageous leadership and pragmatic approach to human resources. These strategic hires reflect Hasbro’s mission to connect generations of fans through storytelling and play, and its commitment to being an inclusive global employer.

Hasbro, recognized for its corporate citizenship, continues to deliver a wide array of play experiences through its diverse portfolio, which includes iconic brands like NERF, TRANSFORMERS, and PEPPA PIG. The company’s purpose-driven approach aims to create joy and community worldwide, one game, one toy, one story at a time.

The information for this article is based on a press release statement from Hasbro, Inc.

In other recent news, Hasbro Inc (NASDAQ:). experienced a series of notable developments. The company’s Q1 2024 results showed a 24% decline in revenue, despite improvements in operational efficiency and a successful shift towards digital gaming.

JPMorgan upgraded Hasbro’s stock from Neutral to Overweight, highlighting the company’s cost efficiency and growth potential in digital gaming. The firm also expressed optimism for Hasbro’s anticipated growth in the latter half of 2024, driven by the Transformers franchise release and merchandising improvements.

Furthermore, Hasbro priced a $500 million public offering of 6.050% notes due in 2034, with net proceeds estimated at $495 million, intended for general corporate use including the redemption or repayment of existing debt.

Citi also revised its outlook on Hasbro, raising the company’s price target to $64 from $52, attributing this to improved financial projections and optimism regarding Hasbro’s digital transformation, although the firm maintained a Neutral rating on Hasbro shares.

These recent developments reflect a strategic shift in Hasbro’s operations, with a focus on digital gaming and operational efficiency. Analysts from JPMorgan and Citi have noted these changes and adjusted their outlooks accordingly.

InvestingPro Insights

As Hasbro, Inc. (NASDAQ: HAS) fortifies its leadership team with key appointments, the company also faces the financial dynamics of the market. With a market capitalization of 8.45 billion USD, Hasbro’s financial performance indicates a complex picture. The company’s Price to Earnings (P/E) Ratio stands at -6, reflecting market skepticism about its current earnings. However, looking ahead, the adjusted P/E Ratio for the last twelve months as of Q1 2024 is 77.99, suggesting that investors may be expecting future earnings growth.

Despite the challenges, Hasbro’s commitment to dividend payments remains steadfast, having maintained them for 44 consecutive years, with the current dividend yield at 4.62%. This long-standing record of dividend payments underscores the company’s dedication to returning value to shareholders, aligning with its strategic focus on growth and stability.

Moreover, Hasbro’s stock has experienced a significant price uptick over the last six months, with a 30.5% total return, reflecting a positive market sentiment that may be tied to strategic initiatives and leadership changes.

InvestingPro Tips highlight that while analysts anticipate a sales decline in the current year, they also predict the company will be profitable this year. Hasbro is trading at a high Price / Book multiple of 8.4, which could imply that the stock is valued for more than just its net assets, possibly due to the brand’s strength and intellectual property.

For investors and analysts seeking a deeper dive into Hasbro’s financials and future projections, additional tips are available on InvestingPro. Use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, and discover the 13 additional InvestingPro Tips that could further inform investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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Palantir, Anduril join forces with tech groups to bid for Pentagon contracts, FT reports

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(Reuters) – Data analytics firm Palantir Technologies (NASDAQ:) and defense tech company Anduril Industries are in talks with about a dozen competitors to form a consortium that will jointly bid for U.S. government work, the Financial Times reported on Sunday.

The consortium, which could announce agreements with other tech groups as early as January, is expected to include SpaceX, OpenAI, autonomous shipbuilder Saronic and artificial intelligence data group Scale AI, the newspaper said, citing several people with knowledge of the matter.

“We are working together to provide a new generation of defence contractors,” a person involved in developing the group told the newspaper.

The consortium will bring together the heft of some of Silicon Valley’s most valuable companies and will leverage their products to provide a more efficient way of supplying the U.S. government with cutting-edge defence and weapons capabilities, the newspaper added.

Palantir, Anduril, OpenAI, Scale AI and Saronic did not immediately respond to a Reuters request for comment. SpaceX could not be immediately reached for a comment.

Reuters reported earlier this month that President-elect Donald Trump’s planned U.S. government efficiency drive involving Elon Musk could lead to more joint projects between big defense contractors and smaller tech firms in areas such as artificial intelligence, drones and uncrewed submarines.

Musk, who was named as a co-leader of a government efficiency initiative in the incoming government, has indicated that Pentagon spending and priorities will be a target of the efficiency push, spreading anxiety at defense heavyweights such as Boeing (NYSE:) , Northrop Grumman (NYSE:) , Lockheed Martin (NYSE:) and General Dynamics (NYSE:) .

Musk and many small defense tech firms have been aligned in criticizing legacy defense programs like Lockheed Martin’s F-35 fighter jet while calling for mass production of cheaper AI-powered drones, missiles and submarines.

Such views have given major defense contractors more incentive to partner with emerging defense technology players in these areas.

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Weakened Iran could pursue nuclear weapon, White House’s Sullivan says

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By Simon Lewis (JO:)

(Reuters) -The Biden administration is concerned that a weakened Iran could build a nuclear weapon, White House National Security Adviser Jake Sullivan said on Sunday, adding that he was briefing President-elect Donald Trump’s team on the risk.

Iran has suffered setbacks to its regional influence after Israel’s assaults on its allies, Palestinian Hamas and Lebanon’s Hezbollah, followed by the fall of Iran-aligned Syrian President Bashar al-Assad.

Israeli strikes on Iranian facilities, including missile factories and air defenses, have reduced Tehran’s conventional military capabilities, Sullivan told CNN.

“It’s no wonder there are voices (in Iran) saying, ‘Hey, maybe we need to go for a nuclear weapon right now … Maybe we have to revisit our nuclear doctrine’,” Sullivan said.

Iran says its nuclear program is peaceful, but it has expanded uranium enrichment since Trump, in his 2017-2021 presidential term, pulled out of a deal between Tehran and world powers that put restrictions on Iran’s nuclear activity in exchange for sanctions relief.

Sullivan said that there was a risk that Iran might abandon its promise not to build nuclear weapons.

“It’s a risk we are trying to be vigilant about now. It’s a risk that I’m personally briefing the incoming team on,” Sullivan said, adding that he had also consulted with U.S. ally Israel.

Trump, who takes office on Jan. 20, could return to his hardline Iran policy by stepping up sanctions on Iran’s oil industry.

© Reuters. FILE PHOTO: Iranian flag flies in front of the UN office building, housing IAEA headquarters, in Vienna, Austria, May 24, 2021. REUTERS/Lisi Niesner/File Photo

Sullivan said Trump would have an opportunity to pursue diplomacy with Tehran, given Iran’s “weakened state.”

“Maybe he can come around this time, with the situation Iran finds itself in, and actually deliver a nuclear deal that curbs Iran’s nuclear ambitions for the long term,” he said.

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Ukraine says Russian general deliberately targeted Reuters staff in August missile strike

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(Reuters) -Ukraine’s security service has named a Russian general it suspects of ordering a missile strike on a hotel in eastern Ukraine in August and said he acted “with the motive of deliberately killing employees of” Reuters.

The Security Service of Ukraine (SBU) said in a statement on Friday that Colonel General Alexei Kim, a deputy chief of Russia’s General Staff, approved the strike that killed Reuters safety adviser Ryan Evans and wounded two of the agency’s journalists on Aug. 24.

In a statement posted on Telegram messenger the SBU said it was notifying Kim in absentia that he was an official suspect in its investigation into the strike on the Sapphire Hotel in Kramatorsk, a step in Ukrainian criminal proceedings that can later lead to charges.

In a separate, 15-page notice of suspicion, in which the SBU set out findings from its investigation, the agency said that the decision to fire the missile was made “with the motive of deliberately killing employees of the international news agency Reuters who were engaged in journalistic activities in Ukraine”.

The document, which was published on the website of the General Prosecutor’s Office on Friday, said that Kim had received intelligence that Reuters staff were staying in Kramatorsk. It added that Kim would have been “fully aware that the individuals were civilians and not participating in the armed conflict”.

The Russian defence ministry did not respond to a request for comment on the SBU’s findings and has not replied to previous questions about the attack. The Kremlin also did not respond to a request for comment. Kim did not reply to messages sent by Reuters to his mobile telephone seeking comment about the SBU’s statement and whether the strike deliberately targeted Reuters staff.

The SBU did not provide evidence to support its claims, nor say why Russia targeted Reuters. In response to questions from the news agency, the security agency declined to provide further details, saying its criminal investigation was still under way and it was therefore not able to disclose such information.

Reuters has not independently confirmed any of the SBU’s claims.

Reuters said on Friday: “We note the news today from the Ukrainian security services regarding the missile attack on August 24, 2024, on the Sapphire Hotel in Kramatorsk, a civilian target more than 20 km from Russian-occupied territory.”

“The strike had devastating consequences, killing our safety adviser, Ryan Evans, and injuring members of our editorial team. We continue to seek more information about the attack. It is critically important for journalists to be able to report freely and safely,” the statement said.

Reuters declined to comment further on the allegation that its staff were deliberately targeted.

The SBU statement said Kim had been named a suspect under two articles of the Ukrainian criminal code: waging an aggressive war and violating the laws and customs of war.

“It was Kim who signed the directive and gave the combat order to fire on the hotel, where only civilians were staying,” it said.

Evans, a 38-year-old former British soldier who had worked as a safety adviser for Reuters since 2022, was killed instantly in the strike.

The SBU statement gave some details about how the strike had occurred, according to its investigation.

“To carry out the attack, the Russian colonel general involved one of his subordinate missile forces units,” the Ukrainian agency said, adding that the strike was carried out with an Iskander-M ballistic missile.

The SBU did not identify the specific unit.

© Reuters. FILE PHOTO: Reuters safety advisor Ryan Evans holds a cat during a news assignment, as Russia's attack on Ukraine continues, during intense shelling in Kramatorsk, Ukraine, December 26, 2022. REUTERS/Clodagh Kilcoyne/File Photo

Ivan Lyubysh-Kirdey, a videographer for the news agency who was in a room across the corridor, was seriously wounded. Kyiv-based text correspondent Dan Peleschuk was also injured.

The remaining three members of the Reuters team escaped with minor cuts and scratches.

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