HALIFAX -- DHX Media Ltd. (DHX.TO) has signed a deal to sell a building in Toronto for $12 million.

Proceeds from the deal will be used to pay down debt.

The children's media company says the sale of the building on Bartley Dr. in Toronto is part of its ongoing effort to focus and streamline its operations.

The transaction, which is subject to conditions, is expected to close on or about June 6.

DHX is the company behind such properties as Peanuts, Teletubbies, Strawberry Shortcake, Caillou, Inspector Gadget, and the Degrassi franchise.

It completed a strategic review last year that ended with a deal to boost distribution and sales of its Peanuts brand in China and elsewhere in Asia.