Saban Capital Group has bought back the Power Rangers franchise from Disney and is producing a new series to air on rival kids network Nickelodeon.
Saban Capital is the investment company operated by former Fox Family boss Haim Saban and the Power Rangers acquisition is the first move by Saban Brands, the recently launched licensing and merchandising arm set up by the media mogul. Saban Brands has a pot of around US$500 million to acquire entertainment, lifestyle, kids and fashion brands and the Power Rangers deal has reportedly cost US$100 million.
The company is also set to produce 20 new episodes of the kids live action series, which was originally created by Japan’s Toei, for Nickelodeon, which will air next year. The new 18th series will be exec produced by original producer Jonathan Tzachor.
“Power Rangers is one of the world’s leading children’s entertainment properties and we are delighted to see its return,” said Haim Saban, chairman and chief executive officer, Saban Capital Group, Inc.
The show – originally known as Mighty Morphin Power Rangers – launched in 1993 before it was sold to Disney when the company acquired Fox Family Worldwide, the joint venture set up by Saban and News Corp.