World News

Jakks announces sale of $19.3m of common stock

Published on: March 16th, 2017

jakks480The stock has been sold to joint venture partner Hong Kong Meisheng Culture Company Ltd.

The transaction is subject to approval by the shareholders of Meisheng’s parent company, Meisheng Culture & Creative Corp. Ltd, and regulatory filings in China by Meisheng.

Stephen Berman, Jakks chairman and CEO, commented: “As a manufacturer of kids’ consumer products and toys, as well as a producer of animated content, we appreciate the significant and broad possible new opportunities the Chinese market represents. We are pleased that Meisheng has made the investment decision to acquire an equity stake in Jakks. This should fortify our existing relationship as joint venture partners in two jointly owned companies – one that distributes Jakks products in China and the other that develops new animation content owned by Jakks and Meisheng. We expect the expanded relationship with Meisheng will put us in an advantageous position to realise greater opportunities in China.

“We are also pleased to announce that upon closing of the deal, Xiaoqiang Zhao, executive director of Hong Kong Meisheng Culture Company Ltd and chairman of the board of its parent company Meisheng Culture & Creative Corp. Ltd, will join us as a member of Jakks board of directors. He will bring his experience and unique insights to the board, including serving as chair of a specially created committee aimed at commercial development in the Greater China region, and will be instrumental in helping us gain greater access to the Chinese toy market.”

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