Kartoon Studios Acquisition Corp Files for $300M IPO

Dow Jones11-06 02:31

Kartoon Studios Inc. is backing a blank-check company that filed for a $300 million initial public offering.

Kartoon Studios Acquisition Corp is seeking a New York Stock Exchange listing. After securities comprising units begin separate trading, shares are expected to trade under symbol KACQ.

The operations of Kartoon Studios Inc. include streaming app Kartoon Channel! and brands such as Stan Lee's Universe and Rainbow Rangers. The company operates Mainframe Studios.

The company's chief executive, Andy Heyward, co-founded DIC Animation City, which was sold to Capital Cities/ABC in 1993. Heyward ran the company while it was owned by Walt Disney. Heyward created "Secret Millionaires Club," an internet cartoon featuring Warren Buffett.

Potential sectors for deal targets include "children's, family and character-driven entertainment, including owned content and intellectual property, licensing and consumer products, distribution and streaming, publishing and music, experiences and live entertainment and media services," the blank-check company said in its filing.

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