Haim Saban has purchased Paul Frank Industries, a Southern California-based design and licensing firm, the company announced Tuesday.
Terms of the deal were not disclosed, but it is believed that the media billionaire may have spent as much as $50 million for the company behind Julius the monkey and Lip Smackers lip balm.
Paul Frank owns the rights to about 150 characters, which it licenses for use in toys, apparel, and accessories.
“Paul Frank Industries is one of the world’s leading lifestyle properties and we are delighted to add it to our stable of brands,” Saban said in a statement.
This marks the second major buy for Saban Brands, the $500 million fund Saban launched this spring. In May, Saban Brands bought the rights to “The Power Rangers” back from the Walt Disney Company for $43 million. The company said it plans to acquire additional brands.
Saban netted an estimated $1.6 billion from the 2001 sale of “Power Rangers” and “Fox Family Worldwide” to Disney. He co-owns the Spanish-language channel Univision.
Paul Frank will be managed by Saban Brands President Elie Dekel. It will continue to operate out of its Costa Mesa, Calif. headquarters.
Paul Frank's Ryan Heuser will continue on as the company's chief creative officer.