[peterstjohn]

Well, why wouldn't they sell (license) the rights to make Transformers films (which as far as I know is just extending their existing contract with Paramount)?

They still own the underlying IP[^1], so as long as the contract is a decent one, Paramount has to deal with the actual making/distributing the film, and Hasbro just gets the money, and a toy line off the back of the film. Feels like an easier set up than taking the risk on movie-making yourself (which they did attempt with eOne for other properties, but seemingly have decided that it's probably not a good deal with them)

[1] yes, yes, it's a bit more complicated with Takara in the mix too, but you can essentially view it as a Hasbro-owned property