Canadian toymaker buys iconic Rubik's Cube for US$50M | iNFOnews | Thompson-Okanagan's News Source

Current Conditions

Smoke
22.8°C

Kamloops News

Canadian toymaker buys iconic Rubik's Cube for US$50M

Image Credit: PIXY.ORG
January 05, 2021 - 7:00 PM

TORONTO - Canadian toymaker Spin Master Corp. has solved the Rubik's Cube, completing a US$50-million acquisition of the legendary multi-coloured cube.

The Toronto-based company, which includes Paw Patrol, Hatchimals and Gund among its brands, announced its plan to purchase Rubik's Brand Ltd. last fall.

Spin Master said Tuesday it will continue the 3D puzzle's legacy, with plans for further innovation across the entire Rubik's portfolio and expanded distribution through the company's global footprint.

The Rubik's Cube is just the latest toy to be added to Spin Master's growing cupboard of games.

The company has acquired 22 toy brands since its launch in 1994, with 12 of those scooped up since its initial public offering in 2015.

"The Rubik's Cube is an iconic puzzle that has permeated pop culture and captivated fans for more than 40 years," Spin Master's vice-president of marketing and games Elizabeth LoVecchio said in a statement when the acquisition was announced in October.

Hungarian puzzle enthusiast Erno Rubik invented the toy in 1974. It became a commercial success after it launched globally in 1980.

Erno Rubik said in the fall statement that he's excited Spin Master will fulfil his vision of "nurturing smarter, future generations through play.'"

A Rubik's Cube is a colourful cube made up of smaller cubes that rotate around a central core.

The big cube begins with each of its faces made up of squares of the same colour — usually three by three by three.

The challenge is to give the cubes a spin and then try to get them back to their original configuration — a surprisingly difficult thing to do given the number of possible configurations.

This report by The Canadian Press was first published Jan. 5, 2021.

Companies in this story: (TSX:TOY)

News from © The Canadian Press, 2021
The Canadian Press

  • Popular penticton News
View Site in: Desktop | Mobile