Genius Brands closes Wow acquisition; combined 2021 revenue ~$72M; Hirsh to board

Kartoon Studios, Inc.

Acquired Wow for ~CDN $47.7M cash + 10.4M Genius shares + 691k exchangeable shares exchangeable 1:1 into GNUS.
Wow 2021 revenue $64.2M USD, net income $2.8M, EBITDA $6.3M; Genius standalone revenue $7.9M (217% YoY).
Michael Hirsh (Wow CEO) to join Genius Brands board; Wow's Mainframe Studios and Frederator Network added.
Series B Preferred Stock created to pass voting rights to Exchangeco shareholders; automatically cancels if no votes.
Wow estimates significant contracted bookings through 2022-2023; cost synergies expected from in-house animation.

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Executive movements

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Appointed

Michael Hirsh

Director

TOON · Kartoon Studios, Inc.

Filed: April 12, 2022, 7:59 PM ET

It is anticipated that the Company will appoint Michael Hirsh, Chief Executive Officer and a member of the Wow board of directors prior to the transaction described herein, to the Company’s Board of Directors (the “Board”).

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Michael Hirsh was appointed as Director at Kartoon Studios, Inc..

Action: appointed
Role: Director

Exact text from the filing

It is anticipated that the Company will appoint Michael Hirsh, Chief Executive Officer and a member of the Wow board of directors prior to the transaction described herein, to the Company’s Board of Directors (the “Board”).

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Kartoon Studios, Inc. filing history →

Source: SEC EDGAR

accession 0001683168-22-002514

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