Following major developments over the past year, including brand
and digital platform launches, a name change and transition to the
NYSE (TOON), Kartoon Studios (the “Company” or “Kartoon Studios”)
today announced the appointment of finance veteran Brian Parisi as
the Company’s Chief Financial Officer.
Andy Heyward, Chairman and CEO of Kartoon
Studios stated, “It is my privilege to welcome Brian to
our high-caliber executive team. At this pivotal moment in Kartoon
Studios' evolution, Brian's specialized skillset in financial
management, coupled with his rich experience in the entertainment
industry, could not be more timely or relevant. As a Company, we
have been steadfast in our commitment to streamline operations with
a meticulous eye on cost control, aiming for long-term, sustainable
growth and profitability. In line with these goals, we are in the
midst of executing a comprehensive strategy to reduce operating
costs across the Company, as we grow our core businesses and
brands. We believe that Brian’s deep financial expertise will not
only augment our existing capabilities, but also serve as an
invaluable resource in our mission to optimize financial
performance, steer Kartoon Studios toward a profitable future, and
enhance long-term shareholder value.”
“It is also important to acknowledge the
exceptional work Bob Denton has done as our CFO. He has been a key
figure in the evolution of this company—from its origins as Genius
Brands, listed on Nasdaq, to its recent rebranding as Kartoon
Studios, listed on the NYSE American. Bob has played a key role in
transforming us from an emerging children's entertainment company
into a multifaceted global enterprise. As we shift into high gear,
focusing on cost-efficiency and fiscal responsibility, aimed at
achieving sustained profitability, we look forward to Bob’s
continued contributions in his new role as Executive Vice
President, Finance & Accounting.”
Mr. Parisi commented, “I am
honored to join Kartoon Studios at this exciting time in the
Company’s growth. I look forward to collaborating with the
executive team, as the Company implements a comprehensive strategy
to drive revenues and enhance profitability. I see the potential
for creating additional operating efficiencies and increasing
long-term shareholder value. I am optimistic about what lies ahead
for Kartoon Studios and look forward to playing an active role in
its future success.”
Mr. Parisi brings 30 years of experience spanning
the entertainment, media, and high-tech industries, including
finance, accounting, M&A, capital raising, and corporate
development. Prior to joining Kartoon Studios, he served as the
Chief Financial Officer at Break the Floor Productions in
Hollywood, California, an entertainment production company where
his responsibilities included overseeing the evaluation and
analysis of mergers and acquisitions, risk management, and the
creation of policies to reduce the company's overall risk exposure.
Prior to that, Mr. Parisi was the Chief Financial Officer at the
NFL Hall of Fame Village, where he was responsible for a range of
financial activities including managing construction accounting
budgets, financial reporting, cash management, and tax compliance
for the nearly $1 billion investment in a newly designed complex in
Canton, Ohio. In addition, he served as Senior Vice President of
the Festivals Division of Live Nation Entertainment Inc. where he
was responsible for developing strategic plans for Electronic Dance
Music festivals in multiple countries with more than 1.3 million
fans. Mr. Parisi has also held leadership positions at Warner Bros.
Entertainment and Universal Studios.
Mr. Parisi is a CPA and holds a B.S. in Accounting
from Purdue University, Daniel School of Business, and an M.B.A in
Strategic Management from the University of Southern California,
Marshall School of Business.
About Kartoon Studios Kartoon
Studios (NYSE AMERICAN: TOON) is a global end-to-end creator,
producer, distributor, marketer, and licensor of high-quality,
positive entertainment brands for children. The Company’s IP
portfolio includes original animated content, including the Stan
Lee brand, Stan Lee’s Superhero Kindergarten, starring Arnold
Schwarzenegger, on Kartoon Channel!; Shaq’s Garage, starring
Shaquille O’Neal, on Kartoon Channel!, and a broad distribution
platform, Rainbow Rangers on Kartoon Channel! and Netflix; the
Netflix Original, Llama Llama, starring Jennifer Garner, and Warren
Buffett’s Secret Millionaires Club, promoting lessons in financial
literacy for children. The Company’s growing streaming platform,
Kartoon Channel, is the top user ranked children’s distribution
platform in the Apple app store.
In 2022, Kartoon Studios acquired Canada’s WOW!
Unlimited Media and made a strategic investment becoming the
largest shareholder in Germany’s Your Family Entertainment AG
(FRA:RTV), one of Europe’s leading distributors and broadcasters of
high-quality programs for children and families.
The Company’s wholly owned digital distribution
network, Toon Media Group, consists of Kartoon Channel!, Kartoon
Channel! Worldwide, Frederator Network, and Ameba. Kartoon Channel!
is a globally distributed entertainment platform with full
penetration of the U.S. television market and international
expansion underway with launches in key markets around the world,
including Germany, India, Australia, New Zealand, South Africa
& Sub-Sahara Africa and more. Kartoon Channel! and Ameba are
available across multiple platforms, including Apple iOS, Apple TV,
Android Mobile, Android TVWeb, Amazon Prime Video, Amazon Fire,
Roku, Pluto TV, Comcast, Cox, Dish, Sling TV, Tubi, Xumo, Samsung
and LG Smart TVs, and YouTube. Frederator Network owns and operates
the largest global animation network on YouTube, with channels
featuring over 2000 exclusive creators and influencers, garnering
on average over a billion views every month.
For additional information, please visit
www.kartoonstudios.com.
Forward-Looking Statements: Certain statements
in this press release constitute "forward-looking statements"
within the meaning of the federal securities laws. Words such as
"may," "might," "will," "should," "believe," "expect,"
"anticipate," "estimate," "continue," "predict," "forecast,"
"project," "plan," "intend" or similar expressions, or statements
regarding intent, belief, or current expectations, are
forward-looking statements. While the Company believes these
forward-looking statements are reasonable, undue reliance should
not be placed on any such forward-looking statements, which are
based on information available to us on the date of this release.
These forward-looking statements are based upon current estimates
and assumptions and are subject to various risks and uncertainties,
including without limitation, our ability to generate revenue or
achieve profitability; our ability to obtain additional financing
on acceptable terms, if at all; the potential issuance of a
significant number of shares, which will dilute our equity holders;
fluctuations in the results of our operations from period to
period; general economic and financial conditions; our ability to
anticipate changes in popular culture, media and movies, fashion
and technology; competitive pressure from other distributors of
content and within the retail market; our reliance on and
relationships with third-party production and animation studios;
our ability to market and advertise our products; our reliance on
third-parties to promote our products; our ability to keep pace
with technological advances; our ability to protect our
intellectual property and those other risk factors set forth in the
“Risk Factors” section of the Company’s most recent Annual Report
on Form 10-K and in the Company's subsequent filings with the
Securities and Exchange Commission (the "SEC"). Thus, actual
results could be materially different. The Company expressly
disclaims any obligation to update or alter statements whether as a
result of new information, future events or otherwise, except as
required by law.
MEDIA
CONTACT:pr@gnusbrands.com
INVESTOR RELATIONS
CONTACT:ir@gnusbrands.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e3b26088-5ec5-4f40-a8aa-325be55cbc04
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