May 10 (Reuters) - Iconix Brand Group Inc ICON.O :
* Iconix brand group announces sale of peanuts and strawberry shortcake brands
* Iconix Brand Group Inc- deal for for $345 million in cash,
* Iconix Brand Group - intends to use net proceeds from transaction plus additional cash on balance sheet to pay down approximately $362 million of debt
* Expects elimination of earnings from entertainment segment to be offset by interest savings from reduction of debt
* To use net proceeds from transaction plus additional cash on balance sheet to pay down approximately $362 million of debt
* Iconix Brand-definitive agreement to sell its interest in peanuts and strawberry shortcake brands to dhx media; deal expected to close by end of Q2 Source text for Eikon: ID:nPn6pZrn8a Further company coverage: ICON.O