The company behind children's cartoon Peppa Pig has been bought out by US toy company Hasbro for £3.3 billion.

Hasbro, maker of Monopoly and My Little Pony, said that the takeover of Entertainment One (eOne) would “dramatically enhance” its storytelling capabilities.

As well as Peppa Pig , the company produces PJ Masks and new preschool series Ricky Zoom.

"The acquisition of eOne adds beloved story-led global family brands that deliver strong operating returns to Hasbro’s portfolio and provides a pipeline of new brand creation driven by family-oriented storytelling, which will now include Hasbro’s IP," said Brian Goldner, Hasbro chairman and chief executive.

"In addition, Hasbro will leverage eOne’s immersive entertainment capabilities to bring our portfolio of brands that have appeal to gamers, fans and families to all screens globally and realise full franchise economics across our blueprint strategy for shareholders."

Under the terms of the agreement, Entertainment One shareholders will receive £5.60 in cash for each common share.

Peppa Pig, which follows the life of a pink pig and her family, has been translated into more than 40 languages and is broadcast in more than 180 territories around the world.

A joint statement by Entertainment One and Hasbro said the show had "thrived for over a decade" and "extended itself to new profit streams that continue its success"..

Darren Throop, chief executive of Entertainment One, said there was a “strong cultural fit” between the two companies.

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