Toy maker Hasbro has formed a joint venture with Discovery Communications to create a TV network with original programming based on Hasbro brands.

Hasbro has licensed its brands for a variety of different entertainments.

Under terms of the deal, Hasbro will pay Discovery $300 million in cash for a 50 per cent share in the venture, while Discovery will contribute the US operations of Discovery Kids, which had cash flow of about $25 million in 2008.

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