Genius Brands entered a definitive agreement to acquire WOW! Unlimited Media.
With offices in Toronto, Vancouver, New York, and Los Angeles, WOW! has a robust animation business that produces content for several broadcasters and IP holders. The acquisition is expected to drive synergies on multiple fronts, such as monetizing WOW! in-house brands through Genius Brands’ Ad Sales, Global Distribution, and Consumer Product licensing units.
The acquisition includes the addition of two studios, Frederator Studios and Mainframe Studios. The combination will create an end-to-end animation ecosystem that can be leveraged for in-house production of Genius Brands’ properties and expand audience demographics.
Michael Hirsh, CEO of WOW!, will join Genius Brand’s Board of Directors while continuing his responsibilities for Mainframe, Frederator Studios, Networks and Platforms.
The deal is valued at approximately U.S. $53 million in cash and stock.
Andy Heyward (pictured), chairman and chief executive officer of Genius Brands, stated, “The acquisition of WOW! substantially accelerates the financial growth of Genius Brands, delivering on our promise to shareholders to execute meaningful and accretive acquisitions, as we seek to rapidly consolidate the marketplace and become the foremost producer, broadcaster, and consumer product licensor of high-quality children’s entertainment in the world.”
Hirsh, chairman and chief executive officer of WOW!, remarked, “I’m excited to work with Andy and the Genius Brands team. This is a powerful partnership that brings immediate and significant value for shareholders. We bring production capacity, new IP, and a robust and profitable YouTube Network with over a billion views per month. Genius Brands, with Kartoon Channel!, has a fully distributed footprint where our content can thrive and also help Kartoon Channel! itself expand.”
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