Shares of Genius Brands International Inc. (GNUS) surged 9.6% in premarket trading Monday, after the kids media company said Arnold Schwarzenegger has entered into an agreement to be a "significant investor." Schwarzenegger is starring in and is the co-producer of the animated show, "Stan Lee's Superhero Kindergarten," which will premier in 2021 in the U.S. on Amazon Prime. The company said Schwarzenegger has elected to receive warrants to buy Genius Brands' common stock, as an advance against his profit participation in the show, with any further payouts likely to be in the form of cash payments. "I am honored to help realize Stan's vision of creating a children's cartoon series that not only entertains with superhero adventures, but also imparts valuable lessons about the importance of health, exercise, nutrition, anti-bullying, and diversity," Schwarzenegger said. The company's new Kartoon Channel! launched Monday ( ). The stock has rocketed 1,759% over the past three months through Friday, while the S&P 500 has gained 12%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 15, 2020 11:12 ET (15:12 GMT)
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