DHX Media selling building in Toronto for $12 million, proceeds to pay down debt

DHX Media Ltd. has signed a deal to sell a building in Toronto for $12 million.

Proceeds from the deal will be used to pay down debt.

READ MORE: DHX Media to sell Halifax animation studio, financial terms not disclosed

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The children’s media company says the sale of the building on Bartley Dr. in Toronto is part of its ongoing effort to focus and streamline its operations.

The transaction, which is subject to conditions, is expected to close on or about June 6.

DHX is the company behind such properties as Peanuts, Teletubbies, Strawberry Shortcake, Caillou, Inspector Gadget, and the Degrassi franchise.

WATCH: Halifax-based DHX Media sells nearly half of Peanuts’ stake to cut debt load

It completed a strategic review last year that ended with a deal to boost distribution and sales of its Peanuts brand in China and elsewhere in Asia.