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Hasbro buys DragonVale publisher Backflip

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DragonVale maker Backflip Studios will turn its hand to creating mobile and social games for mobile platforms based on Hasbro's vast catalogue of brands.

Backflip, which also makes NinJump, Paper Toss and Ragdoll Blasters, was bought today by Hasbro in a $112 million deal that gives the toy giant a 70 percent stake in the company. In a statement, Backflip said it would carry on creating new IP, as well as working on Hasbro games.

"Backflip will continue its long held strategy of building a large network of satisfied users, though now with access to an even stronger brand catalog," said Julian Farrior, CEO of Backflip. "Aligning our mobile games alongside such an influential portfolio and a company who has great game design baked into its DNA, positions us well for the future growth of mobile entertainment."

DragonVale was launched in September 2011, and has been a major mobile hit, with over 13 million downloads and one of the highest monetization rates in mobile gaming.

Last week, Hasbro extended its six-year deal with EA to bring some of its most enduring brands to mobile games, including Risk, Scrabble and Monopoly. Earlier this year, Hasbro teamed up with EA subsidiary PopCap and with Zynga to release those companies' biggest franchises as board games.