- Genius Brands International has announced that it has completed the acquisition of WOW! Unlimited Media (WOW)
- The transaction is expected to provide immediate and continuing financial benefits
- WOW! estimates 2021 revenue of approximately $64.2 million USD, a 31 per cent increase over the same period last year
- The company also announced that Michael Hirsh, CEO of WOW! will join the board of directors of Genius Brands
- Genius Brands International, Inc. is a leading global kids media company
- WOW! Unlimited Media Inc.’s share price remained unchanged at $1.45 at 11:44 AM ET
Genius Brands International has completed the acquisition of WOW! Unlimited Media (WOW).
The transaction is expected to provide immediate and ongoing financial benefits with strong future revenue expected aided by a significant number of contracted bookings through 2022 and into 2023.
WOW! estimates 2021 revenue of approximately US$64.2 million, a 31 per cent increase over the same period last year, net income of approximately US$2.8 million, and approximately US$6.3 million of EBITDA (earnings before interest, taxes, depreciation, and amortization) for the year ending December 31, 2021, a 279 per cent increase over 2020.
The company also announced that Michael Hirsh, CEO of WOW!, will join the board of directors of Genius Brands.
The transaction creates an end-to-end animation ecosystem, including highly profitable titles like Adventure Time, Castlevania, Barbie’s Dreamhouse, Coco Melon, Fairly Odd Parents and Madagascar – a Little Wild.
The addition of captive, in-house animation production for Genius Brands is expected to drive significant cost synergies, resulting in economies of scale that are expected to drive increased shareholder value, as new brands are produced and brought to market.
“The acquisition of WOW! represents a transformational event for Genius Brands as we execute our strategy to establish the company as a foremost producer, broadcaster, and licensor of high-quality children’s entertainment and children’s consumer products,” stated Andy Heyward, Chairman and Chief Executive Officer of Genius Brands.
“We expect the combination of our two organizations to create a global leader in children’s entertainment,” added Michael Hirsh, Chairman and Chief Executive Officer of WOW!
Genius Brands International, Inc. 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.
WOW! Unlimited Media Inc.’s share price remained unchanged at $1.45 at 11:44 AM ET.
