Hasbro, Pawtucket, R.I., said it will acquire rival toy marketer Galoob Toys, whose leading brands include Micro Machines miniature-scale boys' toys, Star Wars small-scale figures and vehicles, Spice Girls fashion dolls, and Pound Puppies mini-dolls, for $220 million. Closing is expected in the fourth quarter. Towne, Silverstein, Rotter, New York, handles Galoob, but a Hasbro spokesman said decisions pertaining to Galoob advertising under Hasbro haven't been determined. The acquisition bolsters Hasbro's hold on the "Star Wars" toy franchise, which it now shares only with Lego. Separately, Lucasfilm and Twentieth Century Fox Film Corp. said the title of the new "Star Wars" film opening Memorial Day weekend 1999 will be "The Phantom Menace."
Copyright September 1998, Crain Communications Inc.