CIT Group, Inc., a provider of financing to small businesses and middle market companies, announced over the weekend that it voted to proceed with the prepackaged plan of reorganization for CIT Group, Inc., and a subsidiary that will restructure the company's debt and streamline its capital structure.
The company announced that none of CIT's operating subsidiaries, including CIT Bank, a Utah state bank, will be included in the filings. As a result, all operating entities are expected to continue normal operations during the pendency of the cases.
KidScreen Summit announced that Sir Ken Robinson, an in-demand speaker on creativity and innovation, will kick off this year's event with a keynote presentation.
Addressing an anticipated crowd of more than 1,400, Robinson will share his thoughts on overcoming the creative challenges facing kids entertainment businesses in the new global economy.
Robinson is an internationally recognized leader in the development of creativity, innovation, and human resources and a New York Times best-selling author. He works with governments in Europe, Asia, and the U.S., and his clients include international agencies, Fortune 500 companies, and some of the world's leading cultural organizations.
In 1998, he led a national commission on creativity, education, and the economy for the UK government. All Our Futures: Creativity, Culture, and Education (The Robinson Report) was published to wide acclaim in 1999.
The American Specialty Toy Retailing Association (ASTRA) announced that the dates of its 2010 Marketplace & Academy have changed to June 13-16, 2010. The Providence, Rhode Island location remains the same. Visit www.astratoy.org for more information.
By now you have read the numerous media reports about Disney's Baby Einstein offering parents a refund on its products after attacks from the Campaign for a Commercial-Free Childhood (CCFC). This refund stems from the CCFC targeting Baby Einstein over the past few years for alleged false marketing claims.
In 2006 the CCFC filed a complaint with the Federal Trade Commission (FTC) against Baby Einstein and others to stop making "false and deceptive claims about the educational value of their products," according to a statement on the CCFC website. According to the site, the FTC decided not to take enforceable action against Baby Einstein when the company promised to "take appropriate steps to ensure that any future advertising claims of educational and/or developmental benefit for children are adequately substantiated."
In addition to the refund offer to consumers who may be interested, Susan McLain, general manager of The Baby Einstein Company, posted a letter to set the record straight for consumers as well as the media, which is available at http://www.babyeinstein.com/Refund/
aNb Media's Chris Byrne, the Toy Guy, offered his take on this situation in a blog post at www.TimeToPlayMag.com
The Forbes 2009 list of top-earning deceased celebrities includes recently departed stars such as Yves Saint Laurent and Michael Jackson. Meanwhile icons such as Elvis Presley, Albert Einstein, and Andy Warhol continue to earn big bucks. The top-13 deceased celebs grossed $886 million in the past year according to Forbes.
Read ROYALTIE$ take on deceased celebrity licensing in the November issue, available soon.
Playmates Toys announced its new global master toy agreement for the Teenage Mutant Ninja Turtles with Nickelodeon & Viacom Consumer Products (NVCP). The long-term partnership allows Playmates Toys to continue its 20-year tradition with the Turtles brand.
CIT, provider of financing to small businesses and middle market companies, announced that it has expanded its current $3 billion senior secured credit facility by an additional $4.5 billion. The new $4.5 billion tranche, which is being provided by a diverse group of lenders, including many of the company's bondholders, will be secured by substantially the same assets as the existing $3 billion tranche and any additional collateral that becomes available as a result of the company's refinancing of certain existing secured credit facilities.
The new $4.5 billion tranche matures in January 2012, and includes an option for the company to extend all or a portion of the new tranche for an additional year. It is expected to close this week and will be used to refinance a portion of the company's existing secured indebtedness, which may come due as a result of the restructuring, and for general corporate purposes.
CIT also addressed a commitment letter received this week from Carl Icahn to provide CIT a new $4.5 billion term loan. Although Icahn and his advisors had been in discussions with CIT for several days and were fully aware of CIT's deadline, CIT said in a statement that Icahn and his advisors provided CIT less than one hour to review and accept his commitment letter. Additionally, CIT says that despite several requests for information and multiple deadline extensions, the company has yet to receive a signed credit agreement and evidence of Icahn's ability to fund the commitment.
As a result of the lack of evidence that Icahn has arranged sufficient funding at this time, CIT says its board of directors determined that the best interests of the company and its stakeholders would be served by proceeding with the credit facility provided by a diverse group of lenders.
Lionel is opening a shop at 30 Rockefeller Center this holiday season from November 1--January 4. Lionel CEO Jerry Calabrese told The New York Daily News earlier this week that, "We want to be at the epicenter of Christmas in New York City."
Indeed Rockefeller Center certainly is the place to be attracting both New Yorkers as well as throngs of tourists from all points around the globe. This is the company's first-ever retail venture. If it performs well, Calabrese told The New York Daily News that a permanent Manhattan store could be a future option.
Toys "R" Us announced dedicated FAO Schwarz-branded boutiques filled with a selection of its classic toys within 585 Toys "R" Us stores nationwide. In addition, there will be a relaunch of www.fao.com and the continuation of the FAO Schwarz Holiday Catalog.
Beginning November 1, The FAO Schwarz boutiques will be located prominently at the front of Toys "R" Us stores. Each will feature colorful overhead signage, as well as life-sized displays of the famous FAO Schwarz toy soldier.
The edited assortment of toys has been selected to highlight dozens of classic FAO Schwarz toys at affordable price points ranging from $2.99 to $64.99, including annual favorites such as the FAO Schwarz Signature Holiday Ornament and 2009 Collectible Bear. Also available are FAO Schwarz mascots Patrick the Pup and his sister, Penelope the Pup.
And, for those looking to emulate Tom Hanks' character in the movie, Big, gift-givers can take home a replica of the iconic FAO Schwarz Big Piano, which was featured in the film.
TRU says that this plan for FAO will remain in place after the holiday season.
It has been widely reported that Bernard Belair filed a lawsuit in Manhattan Federal Court against MGA Entertainment and Mattel claiming that his copyright designs with "large heads, oval eyes, small bodies, and large feet" designed for Steve Madden shoe ads a number of years ago were stolen as the designs for the original Bratz dolls. Belair say that Carter Bryant testified that the initial Bratz designs were inspired by the Steve Madden ads. The suit doesn't specify damages. Mattel and MGA Entertainment both had no comment.
Nickelodeon has acquired the global intellectual property rights to the Teenage Mutant Ninja Turtles from the Mirage Group and 4Kids Entertainment
for $60 million. Nickelodeon has plans to develop a CG-animated TV series expected to launch in 2012. A feature film is also planned for 2012 with Paramount Pictures. Paramount and
Nickelodeon are both owned by Viacom. Additionally, Nickelodeon also acquired merchandising rights and plans to
continue working with toy licensee Playmates.
Toys "R" Us, Inc., announced the introduction of in-store layaway for this holiday for "Big Gift" items. Through this program, customers may reserve toys, such as bikes and play kitchens, early in the season and make a series of small payments over an extended period. In addition, expectant parents and their families can benefit by using layaway to purchase items such as cribs, car seats, and strollers. The "Big Gift" layaway is available nationwide (with the exception of Maryland) in Toys "R" Us and Babies "R" Us stores.
Mattel reported its worldwide net sales decreased 8 percent; domestic gross sales decreased 2 percent and international gross sales decreased 14 percent. Worldwide gross sales for Barbie were down 8 percent; HotWheels was up 9 percent; Core Fisher-Price was down 4 percent while American Girl was up 4 percent. For the quarter, Mattel reported net income of $229.8 million, or 63 cent per share, compared to last year's third quarter of $238.1 million or 65 cents per share.
Hasbro reported net revenues of $1.28 billion compared to $1.30 billion a year ago, a decrease of 2 percent. Net earnings of $150.4 million versus $138.2 million or 99 cents per diluted share compared to 89 cents per diluted share, an increase of 11 percent EPS.
Jakks Pacific reported net sales for the third quarter were $351.4 million, compared to $357.8 million in the third quarter of 2008; and net sales for the first nine months of 2009 were $604.9 million, compared to $634.1 million for the first nine months of 2008. Net income for the third quarter of 2009 was $33.7 million, or $1.06 per diluted share, compared to net income of $54.1 million, or $1.70 per diluted share, reported in the third quarter of 2008.
The Joester Loria Group announced that it has been appointed to represent
Pinkalicious, The New York Times best-selling book. With almost a million copies sold, the Pinkalicious series, published by HarperCollins, includes Pinkalicious and the sequel Purplicious, both illustrated by Victoria Kann and co-authored by Victoria and Elizabeth Kann. The newest addition to the series is Goldilicious. In addition, Pinkalicious, The Musical
is currently on stage in New York City and Toronto. The Joester Loria Group will be launching an integrated licensing and merchandising program. Graphic elements include cupcakes, flowers, butterflies, and a unicorn.
As toy licensee, Jakks Pacific will be introducing a full collection of dolls, accessories, playsets, dress-up, and Halloween costumes in fall 2010. As part of its licensing agreement, MadameAlexander will continue to offer Pinkalicious soft dolls in specialty stores. The Joester Loria Group plans to license Pinkalicious products in categories including apparel, footwear, toys, HBA, social expressions, and home.
Brookstone, Inc., announced that Ronald D. Boire has been appointed as president and CEO. Boire, most recently served as president North America and corporate executive vice-president for Toys "R" Us. Boire will also join the Brookstone's board of directors.
ITV Studios Global Entertainment and Zinkia announced multiple new international television deals for the animated children's series Pocoyo. The new agreements will span English- and Spanish-language broadcasters in the U.S. and across Asia. The newly announced TV agreements are with Univision for Spanish-language broadcast in the U.S., which has acquired Pocoyo seasons one and two, and the Pocoyo Space Circus Special; WGBH Boston, which has acquired seasons one and two for English-speaking syndication to the American public television market; and Playhouse Disney, which has re-licensed seasons one and two for broadcast across Asia.
Pocoyo is the BAFTA award-winning animated adventure series for preschool children, starring an inquisitive character called Pocoyo. The show encourages children to interact with the series, promoting creativity, self-awareness, and self-confidence by learning through laughter and play.
CIT Group, Inc., a provider of financing to small businesses and middle-market companies, announced that Jeffrey M. Peek has informed the board of directors that he plans to resign as chairman and CEO at CIT effective December 31, 2009. The board is forming a search committee to oversee the recruitment process and ensure a smooth leadership transition at the company.
Sanrio has announced the signing of a new licensing agreement with Razor USA, manufacturer of the Razor scooter. Marking Razor USA's first-ever license agreement, the new Hello Kitty A kick scooter is a co-branded version of the original Razor A kick scooter, and is slated to make its retail debut the first week of November.
Razor USA also announced that two additional co-branded Hello Kitty products: the Razor Pocket Mod miniature electric Euro-style scooter and Razor E100 electric scooter. They will debut next year.
The collaboration of Hello Kitty and Razor USA is one of many special releases honoring 35 years of Hello Kitty. Sanrio is celebrating Hello Kitty's 35th Anniversary with an exclusive offering of commemorative products, special brand collaborations, and Three Apples, a three-week, multi-dimensional event that includes a product retrospective and exhibition at Royal/T in Culver City, CA.
MGA Entertainment's Moxie Girlz were featured at the first National Tween Girl Summit in Washington D.C. The day-long event, held on Saturday, October 10, invited 300 girls to participate in sessions to share their thoughts and insights on relevant topics from self-confidence to peer pressure. At the culmination of the day's events, including a concert hosted by Disney Channel's Debby Ryan and headlined by American Idol finalist Brooke White, girls tagged their most inspirational moment of the day on the My Moxie Moment wall.
The Moxie Girlz doll line, which launched in August, is anchored by the tagline "Be True! Be You!," which was a concept that resonated with the attendees of the Tween Summit. Following the event, the Allykatzz blog was filled with expressive comments from girls ranging from "Moxie makes me feel free to show my independence" to "I have Moxie today because I'm not afraid to be who I am."
Throughout the day-long Summit, girls convened with policy makers, experts, and celebrities to discuss what's important to them and topics that affect their lives. The Summit was moderated by Jess Weiner, this generation's "Go-to Girl" for self-esteem as well as the global ambassador for the Dove Self-Esteem Fund. Weiner hosted sessions on "body peace" to encourage girls to feel comfortable and confident in who they are, both inside and out.
Royalties
Back to School Gives Properties Momentum Going into the Holiday Season
Toys & Family Entertainment
Changes at Steiff Strengthen Name in U.S. Market
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