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Hasbro issued a letter to Hasbro shareholders in connection with the Company's 2022 annual meeting of shareholders to be held on June 8, 2022. The letter read in part, "Together with members of the Hasbro team, our new CEO, Chris Cocks, has spent the last several weeks meeting with many of you. We greatly appreciate the discussions we have had and the constructive relationships we have built with our shareholders through a strong history of engagement. The candid feedback we have received is invaluable as we support Chris in developing and executing our vision for the future of Hasbro. At our annual meeting on June 8, 2022, you face an important decision about Hasbro's future under the direction of our newly appointed CEO, Chris Cocks. Vote the WHITE proxy card today. The Hasbro Board is fully aligned with Chris. He has only been Hasbro's CEO for about 100 days, but his gameplan to unlock value for shareholders is clear: grow our world class portfolio of brands and amplify our industry-leading gaming portfolio by putting the consumer at the center of everything we do and creating direct relationships with our fans. As part of our ongoing commitment to board refreshment and to match the evolving and future needs of our business, we recently appointed two industry experts, Liz Hamren and Blake Jorgensen, to our Board. Liz and Blake each have a strong track record of driving change and value creation, and they bring valuable critical thinking in digital gaming, technology, brand development and capital allocation. They will advise and challenge Chris and the entire management team, along with the full Board, to drive our multigenerational play and entertainment strategy in games and the future of direct, interactive entertainment...Our Board has demonstrated its commitment to exploring all options for value creation. For example, while the timing of our eOne acquisition was unfortunate given the disruptive industry-wide impacts of the COVID-19 pandemic on TV and film production and theatrical distribution, as part of our continuous review of options to unlock shareholder value, the Board approved a sale of eOne's music business - which was not core to our Brand Blueprint strategy - while keeping valuable strategic assets from the acquisition intact. With the proceeds of the divestiture and our cash flow from operations, we were able to strategically invest in other core areas of the business and pay down more than $1 billion in long-term debt during 2021, while maintaining the dividend to our shareholders. We are on track to achieve our targeted $130 million of synergies from the eOne acquisition. With TV and film production returning to pre-COVID levels, the owned entertainment production capabilities we have in eOne will enable consumers to engage with our iconic brands across the Brand Blueprint. Our upcoming MAGIC: THE GATHERING Netflix series and the theatrical release of the blockbuster DUNGEONS & DRAGONS: HONOR AMONG THIEVES feature film in 2023 were greatly enhanced and accelerated by being part of eOne and are strong testaments to the acquisition's value and the power of our Brand Blueprint strategy."

Ancora Holdings, which identifies itself as a "meaningful shareholder of Hasbro" with an approximately 1% ownership position, announced that it has sent a letter to Hasbro's board of directors that stated in part: "Ancora believes Hasbro's long-term results on an absolute and relative basis demonstrate that the Company's conglomerate configuration has created value-destructive complexity. The consequences of this complexity include extremely poor capital allocation decisions, including failed acquisitions and underinvestment in crown jewel segments such as Wizards of the Coast, and a perpetually large trading price discount relative to intrinsic value. Our own sum-of-the-parts analysis indicates that Hasbro's shares are currently trading at a 75% discount to intrinsic value... A refreshed Board should begin assessing a full or partial sale of Hasbro's Entertainment One, or 'eOne,' subsidiary, which was acquired in late 2019 for more than $4.5 billion. We contend Hasbro's venture into content production has been an abject failure with extremely limited long-term potential and substantial execution risk. It is clear to us - and apparently many of our fellow shareholders - that eOne is a non-synergistic business that is capital-intensive, low margin and very volatile. There are also non-GAAP add-backs every year that force us to question the reporting and earnings quality of the segment, and these frequent adjustments pre-date Hasbro's acquisition."

Ancora Holdings Group announced that it has sent the below letter to Hasbro (HAS) Board of Directors. It stated, in part, "Ancora Holdings Group is a meaningful shareholder of Hasbro, with an approximately 1% ownership position. We have spent a significant amount of time diligencing Hasbro's assets, business plans, governance and historical performance from both the financial and operational perspectives. We have also closely followed the recent exchanges between Alta Fox Capital Management LLC and the company's Board of Directors. After considering the stagnation that has set in at Hasbro over the past several years, as evidenced by persistent share price underperformance, we are urging the Board to begin taking decisive action to help the company keep up with Mattel (MAT) and other players in the fast-moving gaming and entertainment worlds. This is a message we sought to convey directly and privately, but your investor relations team has yet to respond to our outreach in April. In our view, the recent appointment of Chris Cocks as Hasbro's new Chief Executive Officer should encourage fresh thinking and open-mindedness about the Company's long-term strategy - not defensiveness, dismissiveness and entrenchment on the part of the current Board. Ancora believes Hasbro's long-term results on an absolute and relative basis demonstrate that the Company's conglomerate configuration has created value-destructive complexity. The consequences of this complexity include extremely poor capital allocation decisions, including failed acquisitions and underinvestment in crown jewel segments such as Wizards of the Coast, and a perpetually large trading price discount relative to intrinsic value. Our own sum-of-the-parts analysis indicates that Hasbro's shares are currently trading at a 75% discount to intrinsic value." Reference Link