In an announcement yesterday, Hasbro publicly disclosed its intention to purchase the Power Rangers brand from Saban Brands for $522 million in cash and stocks. The deal, which is imminent, means that Hasbro will own and have control over all Power Rangers property rights, including toys, games, characters, previously aired seasons, future seasons, and naming.

The deal comes after the two companies began a relationship in February of this year, with Hasbro gaining the license to create toys for Power Rangers – its first experience with the brand.

Power Rangers is an iconic brand built on a heritage of great storytelling and merchandising with tremendous upside potential when fully executed across Hasbro’s Brand Blueprint,” said Brian Goldner, Hasbro’s Chairman and CEO. “Shortly after entering into our licensing arrangement, it became clear that now was the time to begin investing in unlocking Power Rangers’ full potential. We see significant opportunity for Power Rangers across our entire Brand Blueprint, including toys and games, consumer products, digital gaming and entertainment, as well as geographically throughout our global retail footprint.”

The announcement also revealed that Haim Saban, founder of Saban Brands and creator of the Power Rangers brand, will work closely with Hasbro in a consultation role.

“25 years after launching Power Rangers, I believe the future for this brand has never been greater,” he said. “Hasbro’s leadership in innovation, storytelling and brand stewardship make it the perfect company to further develop the global reach and appeal of the Power Rangers property. I look forward to working with Brian and the team in the years to come.”

Beginning with Mighty Morphin’ Power Rangers in 1993, the Power Rangers brand – whose most notable element is the action TV show, compiled from original footage and re-used footage from Toei’s Super Sentai franchise – has become a global phenomenon. The series 26th season, Power Rangers: Beast Morphers, is set to air next year, and release alongside the toy line that got Hasbro and Saban involved in the first place.