Saban Brands founder Haim Saban will continue to serve as a consultant for the Power Rangers property.
The Los Angeles Business Journal newspaper reported on Wednesday that the Saban Brands company will shut down on July 2, citing a Worker Adjustment Retraining Notification letter sent to the state of California and dated May 1.
Saban Capital Group, the parent company of Saban Brands, will remain in operation.
Hasbro announced on May 1 that it will acquire Power Rangers and several other brands from Saban Properties.