Genius Brands announces important hires for Kartoon Channel!, stock extends pullback

Genius Brands announces important hires for Kartoon Channel!, stock extends pullback

Shares of Genius Brands International Inc. continued to pull back Friday from their historic rally over the past month, even after the kids media company announced significant hires to run its Kartoon Channel!, which is set to launch on June 15. The stock fell 9.9% in afternoon trading, after shedding 3.5% on Thursday to snap a four-day win streak in which the stock soared 338%. The stock was still up 1,861% over the past month, with Chief Executive Andy Heyward telling MarketWatch earlier this week that he was “delighted” to see the market reacting to the company’s mission ahead of “important news in the coming days.” On Friday, the company named as executive chairman of Kartoon Channel!, Margaret Loesch, who was the founding president and chief executive of Fox Kids Newtorks Worldwide, which was eventually sold to Walt Disney Co. for $5.5 billion. The company said it also added as chief content officer, David Neuman, who oversaw the Wonderful World of Disney and was previously the head of comedy development at NBC. “It would be impossible for me to adequately sing their praises and the impact these two extraordinarily talented and accomplished people can bring to bear upon Kartoon Channel!, our new kids program service,” Heyward said in letter to shareholders. “As I said this in announcing them, this is like having Michael Jordan and LeBron James on the same team.”

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.