“We’re excited about the opportunity,” the toy giant said in a statement to The Washington Post.
“We’ve had many discussions about the acquisition and we look forward to working with The Washington Business Journal.”
The toy giant is also the parent company of Warner Bros. and Pixar, which are both in the video game business.
The company has made the move to acquire the popular toys company with a $1 billion purchase.
“We are thrilled to be joining The Washington Biz Journal, which is a leading and respected business and news publication,” said Jim Hall, president of The Washington Group, the parent of The Biz.
“As we continue to expand our portfolio of properties, we look to acquire valuable properties and brands.”
The company has already bought out dozens of media properties including The Wall Street Journal and The New York Times.