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The Wall Street Journal: Activist investor seeks changes at Hasbro, including spinning off D&D


A little-known activist investor is seeking to add several directors to Hasbro Inc.’s board and is urging the toy maker to make changes including a spinoff of its fast-growing unit housing games such as Dungeons & Dragons.

Alta Fox Capital Management LLC, which has a 2.5% stake in Hasbro

worth roughly $325 million, has nominated five directors to its board, according to a letter viewed by The Wall Street Journal that will be sent to the company’s shareholders. Shareholders will vote on director nominees at Hasbro’s annual meeting this spring.

Alta Fox, which says in the letter that it has spoken to Hasbro, noted that the company’s stock price is lower than it was five years ago and has significantly trailed the broader market. Alta Fox believes Hasbro could double its valuation by spinning off the unit that houses the Dungeons & Dragons business.

Hasbro said in a statement it will review Alta Fox’s nominees. It said it is excited to welcome its new chief executive officer, Chris Cocks, who previously led the unit housing Dungeons & Dragons, known as Wizards of the Coast and Digital Gaming.

An expanded version of this report appears on

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