From Co. Filing:
'On September 2, 2020, Genius Brands International, Inc. (“Genius Brands” or the “Company”) announced its acquisition of licenses for two animated children’s series, ‘Adventures of Sonic The Hedgehog’ and ‘PAC-MAN and The Ghostly Adventures’. The Company has since learned that another licensor also claims rights to the license for Adventures of Sonic the Hedgehog conveyed to Genius Brands. As a result, and upon further consideration, the Company has made a business decision only to move forward with the PAC Man property which is already on the air, not the Adventures of Sonic the Hedgehog, and it has canceled that agreement. The anticipated license fee expense for the Sonic series will be re-allocated to the acquisition of other titles for Kartoon Channel! of similar standing. The Company remains focused on aggressively expanding its content library through new license agreements, and expects to announce a number of other important programs as soon as the agreements are finalized.'