Discovery Communications made it official today, acquiring a controlling interest from Hasbro Studios in The Hub, which will be renamed Discovery Family next month.

Veteran Tom Cosgrove was named general manager of the service, which will be transformed on Oct. 13.

Discovery will up its ownership position to 60% from 50%, as Hasbro Studios drops to 40%. Hasbro Studios will continue to program the converted network’s daytime hours, while primetime program initially will showcase Discovery library fare spanning history, adventure, nature, and science genres targeting families.

The transformation of The Hub is the latest in a long line of conversions by the programmer. Discovery has made a business out of repurposing channels and with 70 million homes, The Hub is what Discovery CEO David Zaslav has called “beachfront real estate.”  The programmer has had success in the past converting Discovery Health into the Oprah Winfrey Network, Planet Green into Destination America and The Military Channel into American Heroes Channel.

 Under the executive management of group president Henry Schleiff, Cosgrove will manage all network operations and programming, working closely with the Hasbro Studios team. Most recently the chief of 3net and 3net Studios, Cosgrove’s career includes stints as executive vice president and COO of Discovery Channel and Science Channel. Prior to joining Discovery, he also held senior leadership positions at ABC Family, Fox Family, Fox Kids and TV Guide Channel.

“Hasbro is a world-class company with franchises and characters that appeal to kids and families around the world.  They have been terrific partners over the past several years as we developed our kids television audience in the U.S., and we look forward to a continued strong collaboration as we evolve to the Discovery Family Channel together,” said Zaslav.  “Henry’s proficiency in developing and growing strong brands combined with Tom’s experience on Discovery’s flagship brand and deep background in family programming make for a perfect leadership team to drive the network toward future growth.” 

“The next chapter of our collaboration will harness the incredible content strengths of both Discovery and Hasbro to program Discovery Family Channel with highly-rated award-winning storytelling around Hasbro’s brands and Discovery’s most popular non-fiction shows that appeal to both children and families alike,” said Hasbro president and CEO Brian Goldner.  “Discovery Communications has a nearly 30-year track record of building television brands that create maximum value for advertisers and distributors through their world-class raft of programming and we look forward to evolving this network together.”

Sources confirmed reports that Discovery Communications and toy maker Hasbro are modifying their four-year partnership in The Hub kids’ channel, with Discovery taking a controlling interest in the network and renaming the channel Discovery Family to include programming for parents as well as kids.

News that Discovery and Hasbro were ending their partnership was first reported by The Wall Street Journal.

Discovery launched the Hub in 2010. The Hub, which linked programming from Discovery Kids channel like Adventure Camp and Flight 29 Down with Hasbro properties like Transformers and My Little Pony, was supposed to be the perfect marriage between commerce and entertainment. But the network, which competed against kids’ programming juggernauts Nickelodeon and The Disney Channel, never was able to carve out a proper niche. And it came under fire early on because of its close association with a toymaker and for what some critics called violent programming.

A spokeswoman for the Hub declined to comment.

Signs that the channel was under pressure surfaced in June, when Hub president Margaret Loesch, who had steered the network form its inception, said she would step down by the end of the year, and no replacement was named. Sources confirmed the Journal report that Discovery group president Henry Schleiff, who already oversees Investigation Discovery, Destination America, American Heroes Channel and Discovery Fit & Health, will add oversight of Discovery Family. According to those same sources, Hasbro will still own a piece of the network and will contribute programming to the channel in the mornings. The evenings will be filled at least initially with science and nature programming from other Discovery Networks.

Discovery has made a business out of repurposing channels and with 70 million homes, The Hub is what Discovery CEO David Zaslav has called “beachfront real estate.”  The programmer has had success in the past converting Discovery Health into the Oprah Winfrey Network,Planet Green into Destination America and The Military Channel into American Heroes Channel.

After five years at the helm of The Hub Network, founding president and CEO Margaret Loesch will depart at the end of the year, when her contract expires.

No replacement was named. Loesch said she would work with Hub’s parent companies, Discovery Communications and Hasbro, to assist in the leadership transition.

“I am very proud of the work we have done and the accomplishments we have achieved at the Hub,” said Loesch in a statement. “The network is now in excellent financial shape, its ratings are up year-to-year, our programming has won more than 30 awards, including 12 Daytime Emmys, and the Hub Network has become a TV home for quality programming that kids and their families come together to enjoy.”

Loesche was the first president and CEO of Crown Media United States, where she helped create and launch Hallmark Channel. She was also founding president and CEO of Fox Kids Network and has served as president of television, worldwide, of the Jim Henson Group.

Loesch did not reveal anything about her future plans: “I look forward to evaluating future opportunities and writing the next chapter.”

Deadline first reported the news.