Shares of Genius Brands International (NASDAQ:GNUS) surged 23.6% on Thursday after the kids' entertainment company issued a letter to shareholders.
In its letter, Genius Brands set April 23 as the series premiere date for its new show, Stan Lee's Superhero Kindergarten, starring Arnold Schwarzenegger. The program will debut on Genius Brands' family friendly digital network, Kartoon Channel!
Stan Lee helped to create some of the most beloved superheroes of all time, including Marvel's Spider-Man, Hulk, Thor, and Iron Man, among others. Superhero Kindergarten was one of Lee's last creations before his death in late 2018.
CEO Andy Heyward told investors to expect more content announcements, both of the original and acquired variety. Genius Brands recently purchased the license of five Scooby-Doo movies from Warner Bros. for Kartoon Channel!.
Heyward also teased an upcoming announcement related to a deal between Genius Brands and Disney-owned Marvel. He said Genius Brands will release more information about the deal by the end of March.
Additionally, Heyward highlighted the optionality provided by the company's debt-free balance sheet and significant cash reserves. "We are looking at a number of important and highly accretive acquisition targets," Heyward said.