Genius Brands International (NASDAQ: GNUS), a global brand management company that creates, licenses and broadcasts multimedia entertainment content for children, today announced that it has come to an agreement with all of its existing senior secured convertible noteholders to have the noteholders pre-pay their Notes for an aggregate of $4 million, three months early and then have the noteholders convert all of their $13.75 million of debt to equity. “This is a win-win for all parties. The Company today is debt free and holding $55 million in cash,” Andy Heyward, Chairman and CEO of Genius Brands, stated in the news release. “The Company is uniquely positioned to take steps to build Kartoon Channel! into the pre-eminent childrens’ broadcaster anywhere, and produce, acquire, and license, the most compelling, forward-thinking programming for children today. We are delighted that our existing senior secured debt holders had the confidence in the Company to pre-pay the $4,000,000 Note obligation and to then convert their entire debt into equity right away.”
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About Genius Brands International
Genius Brands International, Inc. (NASDAQ: GNUS) is a leading global kids media company developing, producing, marketing and licensing branded children’s entertainment properties and consumer products for media and retail distribution. The Company’s award-winning “content with a purpose” portfolio includes the upcoming Stan Lee’s Superhero Kindergarten, starring Arnold Schwarzenegger; Rainbow Rangers for Nick Jr.; Llama Llama, starring Jennifer Garner, for Netflix; award-winning toddler brand Baby Genius; adventure comedy STEM series Thomas Edison’s Secret Lab; entrepreneurship series Warren Buffett’s Secret Millionaires Club; and Stan Lee’s Cosmic Crusaders, created with Stan Lee’s Pow! Entertainment. Through licensing agreements with leading partners, characters from Genius Brands’ IP also appear on a wide range of consumer products for the worldwide retail marketplace. The Company’s new Kartoon Channel! is available in over 100 million U.S. television households via a broad range of distribution platforms, including Comcast, Cox, DISH, Amazon Prime, Sling TV, Apple TV, Roku, Amazon Fire and more. For additional information, please visit www.GNUSBrands.com.
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