In a private transaction, Genius Brands International, a global kids’ media company, has repurchased 419,336 shares of common stock from an entity owned by Harold and Jennifer Chizick, former executives of the company.
The share repurchase was made as part of a comprehensive settlement agreement resolving certain employment-related claims made by the Chizicks against Genius Brands, as well as the counterclaim by the company against the Chizicks. A spokesperson for the company comments: “We believe the buyback of these outstanding shares is beneficial to our company and our shareholders, in that it takes shares out of the marketplace. Also, the significant premium to the market price, $1.99 per share, underscores our confidence in our rapidly growing business and the future. This was an amicable settlement.”
Genius Brands is a media company responsible for developing, producing, marketing, and licensing branded children’s entertainment properties and consumer products for media and retail distribution. The company’s portfolio features the Stan Lee brand, Stan Lee’s Superhero Kindergarten, Shaq’s Garage, Rainbow Rangers, and Llama Llama, among others. Some of these titles live on the Kartoon Channel!, available in the United States via Comcast, Cox, DISH, Amazon Prime, Amazon Fire, Apple TV, Apple iOS, Android TV, Android Mobil, Google Play, Roku, YouTube, Samsung Smart and LG TVs, and JetBlue’s Inflight platform.
