Shares of Genius Brands International (NASDAQ:GNUS) declined by 14.8% on Tuesday after the kids' entertainment company announced the programming lineup for its new digital network.
Genius Brands' free, ad-supported Kartoon Channel! went live on June 15, with "unprecedented distribution reach" and "an unprecedented initial content lineup," according to CEO Andy Heyward. "I am not aware of seeing another channel launch with such a volume of content, across such a broad range of platforms, penetrating virtually the entire United States TV Household universe," Heyward said in a press release.
The service's content lineup includes the animated shorts Baby Einstein, Llama Llama, and The Pig on the Hill, narrated by Pierce Brosnan. It also includes the popular Angry Birds series and the Minecraft-themed show Journey to the End.
However, judging by the nearly 15% plunge of Genius Brands stock on Tuesday, investors were unimpressed.
Genius Brands said that it intends to produce and acquire original animated family films to further strengthen its content lineup. It also has a promising comedy-adventure series starring Arnold Schwarzenegger, Stan Lee's Superhero Kindergarten, slated to launch on Kartoon Channel! in the first quarter of 2021.
However, after the stock's torrid gains so far this year -- shares were up an incredible 1,500% prior to today -- investors appear to be taking some profits off the table.