E.W. Scripps Co. is selling the unit that owns the rights to Snoopy, Charlie Brown and the rest of the Peanuts gang for $175 million to Iconix Brand Group Inc.
The sale of United Media Licensing also means Iconix has a new partnership with the family of the late Peanuts creator, Charles Schulz. They'll receive 20 percent ownership and pay that percentage of the sale price.
Scripps said Tuesday the cash deal will close by the end of the second quarter.
The newspaper publisher and TV station owner had been exploring a sale since February.
The Peanuts brand has annual sales of more than $2 billion.
Iconix owns and licenses brands such as Joe Boxer, London Fog, Starter and Mudd.