Kartoon Studios has sold the Frederator Networks Channel Network business in an all-cash transaction for $500,000, while retaining key intellectual property from Frederator Studios including Bee and PuppyCat, Bravest Warriors, Castlevania and Catbug for licensing opportunities. The sale advances the company's strategy to focus on monetizing premium intellectual property, franchise development, animation production, global distribution and consumer-products commercialization. Chairman and CEO Andy Heyward said the transaction separates two businesses with different operating models and better positions Kartoon Studios to execute its strategic realignment.
Kartoon Studios, Inc.Company sells non-core channel network for cash, retains valuable IP, and advances strategic realignment.
Frederator Networks is sold for $500,000, indicating a low valuation and likely exit from the channel business.