8-K

                                 UNITED STATES

                    SECURITIES AND EXCHANGE COMMISSION

                         WASHINGTON, D.C.  20549


                                FORM 8-K

                             CURRENT REPORT

                   PURSUANT TO SECTION 13 OR 15(d) OF
                  THE SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of Earliest Event Reported):    May 9, 2007
                                                 -------------------------


                              HASBRO, INC.
                          --------------------
         (Exact name of registrant as specified in its charter)



 RHODE ISLAND                    1-6682                    05-0155090
- --------------                ------------             -------------------
  (State of                   (Commission                 (IRS Employer
Incorporation)                File Number)             Identification No.)



1027 NEWPORT AVE., PAWTUCKET, RHODE ISLAND                   02862
- ------------------------------------------             -------------------
 (Address of Principal Executive Offices)                  (Zip Code)


                             (401) 431-8697
                     -------------------------------
           (Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))





Item 2.03  Creation of a Direct Financial Obligation or an Obligation under an
           Off-Balance Sheet Arrangement of a Registrant.

     Hasbro, Inc. (the "Company") issued a press release today reporting that
the Company has exercised its call option to repurchase all of the outstanding
warrants for the Company's common stock currently held by Lucasfilm Ltd. and
Lucas Licensing Ltd.

     Lucasfilm Ltd. and Lucas Licensing Ltd. (together "Lucas") hold
exercisable warrants (the "Warrants") to purchase an aggregate of 15,750,000
shares of the Company's common stock.

     In January of 2003 the Company entered into a Warrant Amendment Agreement
(the "Warrant Amendment Agreement") with Lucas.  Among other terms, the Warrant
Amendment Agreement provided the Company with a call option.  Pursuant to this
call option the Company could, at any time through October 13, 2016, repurchase
all of the Warrants from Lucas for a payment, in the Company's choice, of
either (i) $200 million in cash or (ii) $220 million worth of the Company's
common stock, such stock being valued in the manner set forth in the Warrant
Amendment Agreement.

     Yesterday the Company sent a call notice to Lucas stating that it is
exercising this call option to repurchase all of the Warrants for $200 million
in cash.  Upon closing of the call option Lucas will not hold any warrants to
purchase shares of the Company's common stock.  The Company anticipates closing
the call option on May 24, 2007.

     Copies of the Warrants and the Warrant Amendment Agreement have previously
been filed by the Company with the Securities and Exchange Commission.

     A copy of the press release issued today is filed as Exhibit 99 to this
Current Report on Form 8-K.

Item 8.01 Other Events

     Please see the disclosure contained in Item 2.03 above with respect to the
Company's exercise of its option to repurchase for cash all of the outstanding
warrants for the Company's common stock held by Lucas.

Item 9.01 Financial Statements and Exhibits

     (c) Exhibits

     99    Press release, dated May 10, 2007.





                                  SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                   HASBRO, INC.
                                   ------------
                                   (Registrant)


Date: May 10, 2007                   By: /s/ David D.R. Hargreaves
                                       --------------------------
                                       David D.R. Hargreaves
                                       Executive Vice President,
                                         Finance and Global Operations and
                                         Chief Financial Officer
                                       (Duly Authorized Officer)






                                 HASBRO, INC.
                          Current Report on Form 8-K
                              Dated May 10, 2007

                                Exhibit Index


Exhibit No.                          Exhibit

99                   Press release, dated May 10, 2007.

EX-99

EXHIBIT 99

For Immediate Release	Contact: Karen A. Warren (Investor Relations)
May 10, 2007	401-727-5401
	Wayne S. Charness (News Media)
	401-727-5983

Hasbro, Inc. Calls Outstanding Lucas Warrants

Pawtucket, RI (May 10, 2007) -- Hasbro, Inc. (NYSE: HAS) announced today that it has exercised its call option to repurchase all of the outstanding warrants for Hasbro’s common stock currently held by Lucasfilm Ltd. and Lucas Licensing Ltd. (together “Lucas”).

Lucas holds exercisable warrants (the “Warrants”) to purchase an aggregate of 15,750,000 shares of Hasbro’s common stock.  The call notice to Lucas stated that Hasbro is exercising its call option to repurchase all of the Warrants for $200 million in cash.  Upon closing of the call option Lucas will not hold any warrants to purchase shares of Hasbro’s common stock.  Hasbro anticipates closing the call option on May 24, 2007.  In connection with the repurchase, Hasbro will recognize a final mark to market charge related to these warrants totaling approximately $36.5 million during the 2nd quarter of 2007.

Pursuant to the Warrant Amendment Agreement, entered into between Hasbro and Lucas in January of 2003, Hasbro was given a call option which provided that at any time through October 13, 2016, Hasbro could repurchase all of the Warrants from Lucas for a payment, in Hasbro’s choice, of either (i) $200 million in cash or (ii) $220 million worth of Hasbro’s common stock, such stock being valued in the manner set forth in the Warrant Amendment Agreement.

Hasbro is a worldwide leader in children's and family leisure time entertainment products and services, including the design, manufacture and marketing of games and toys ranging from traditional to high-tech.  Both internationally and in the U.S., its PLAYSKOOL, TONKA, MILTON BRADLEY, PARKER BROTHERS, TIGER, and WIZARDS OF THE COAST brands and products provide the highest quality and most recognizable play experiences in the world.

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