Halifax-based DHX Media Inc. announced plans on Monday to sell some of its ownership of the Peanuts brand to Sony Corp., in a $237 million cash deal. The move comes only a year after DHX’s acquisition of Peanuts in May 2017. Sony will take over 49 per cent of DHX’s 80 per cent stake in the cartoon property, according to the DHX press release. The rest is owned by the family of Peanuts creator Charles Schultz. The release outlined DHX wants to use the earnings from the sale to reduce the company’s debt. The announcement comes as the company is in the middle of a strategic review, which DHX’s heads told analysts will wrap up “on or before” June 30, during a conference call Monday morning. On the same call, Michael Donovan, CEO of DHX, said that the sale of Peanuts was an outcome of the strategic review. “Sony Music Entertainment (Japan) has incredible expertise in rights management across the entertainment and consumer products industries, having successfully grown the Peanuts business in Japan over 200% since they became our agent in 2010,” said Donovan in a statement. “This transaction will allow DHX Media to de-lever our balance sheet as we team up with an ideal partner to help us reach our worldwide growth targets for Peanuts in the coming years.” DHX expects the Peanuts deal to be finalized by June 30 as well, according to the release.