SUBSEQUENT EVENTS

6 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Quarterly Dividend

On February 5, 2020, the Company announced a quarterly cash dividend of $0.125 per share on its Class A Common Stock, RSUs and phantom units. The dividend will be payable on March 27, 2020 to holders of record of Class A Common Stock as of February 18, 2020. The shareholders will have an option to elect to receive their dividend 50% in cash and 50% in Class A Common Stock.

King Kylie Transaction

On November 18, 2019, the Company entered into a purchase agreement (the “Purchase Agreement”) with King Kylie and the other parties listed as signatories to the Purchase Agreement (the “Seller Group Parties”), to build and further expand King Kylie’s brands globally. Pursuant to the Purchase Agreement, on January 6, 2020, the Company acquired 51% of the equity interests in King Kylie from the applicable Seller Group Parties for a base purchase price of $600.0 in cash, subject to certain post-closing adjustments. In addition, as contemplated by the Purchase Agreement, the Company entered into an Evergreen Collaboration Agreement, pursuant to which, in exchange for a marketing fee and a license fee, it received the perpetual right and license to manufacture, advertise, promote, distribute and sell certain products of King Kylie and use certain intellectual property owned by or licensed to King Kylie in connection with the development, manufacture, labelling, packaging, advertising, display, distribution and sale of such products.

Due to the recent closing of this transaction, the Company’s initial accounting is incomplete. The Company has not completed its fair value measurement of the identifiable assets acquired and liabilities assumed. The Company expects to establish a preliminary purchase price allocation with respect to this transaction by the end of the third quarter of fiscal 2020.