You've got a new owner, Charlie Brown.

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 US 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 per cent 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.

Scripps will still own United Media's syndication operations, so it will continue to syndicate comic strips and editorial features.

"The Peanuts characters have been our entertaining co-workers and the Schulz family has been our trusted partner for nearly 60 years. But this is the right move for all involved as we go our separate ways in recognition of changing times and new strategies," said Scripps CEO Rich Boehne.

Iconix CEO Neil Cole said the purchase moves the company away from being one focused solely on fashion into new realms that include theme parks, media and financial institutions.

The family was heartened by the sale, said Charles Schulz's son, Craig Schulz.

"Peanuts now has the best of both worlds," he said. "Family ownership and the vision and resources of Iconix to perpetuate what my father created throughout the next century with all the goodwill his lovable characters bring."