Heyward’s Genius Brands raises US$6m

Andy and Amy Heyward’s Genius Brands is set to raise US$6 million in funding via a share placement.

BG-new-charactersThe kids content company said it has signed definitive agreement to sell US$6m of shares in a private placement and that investors include Chicago-based Wolverine Asset Management, as well as the Heywards themselves, their family and friends and institutional investors.

Andy Heyward’s A Squared Entertainment merged with California-based Genius Brands International late last year.

Heyward became CEO and chairman of the new company and his wife and business partner Amy Moynihan Heyward becoming president. Incumbent Genius chief exec Klaus Moeller moved to become VP, special markets.

“The proceeds of this placement will be used to market our brands, expand our global licensing and distribution business, and accelerate our business plan,” Andy Heyward said. “With existing cash along with the current placement, the company is in an extremely strong position, and is very excited about bringing our brands to the marketplace.”

Genius Brands International’s shows include Baby Genius (pictured), Warren Buffett’s Secret Millionaires Club, Thomas Edison’s Secret Lab and Stan Lee’s Mighty 7.