Genius Brands Launching Kids Programming 'With a Purpose'
*By Bridgette Webb*
Kids' programmer Genius Brands just secured $4.5 million in new funding, but the CEO is already fixing his gaze on Disney.
"Disney is the giant gorilla in that space," CEO Andy Heyward said Wednesday in an interview on Cheddar.
Heyward said the new funding, [announced](https://www.gnusbrands.com/news-media/press-releases/detail/993/genius-brands-international-raises-4-5-million-in-funding) Wednesday and led by Robert Wolf, former CEO of UBS Americas and founder of 32 Ventures, will be used to push the company's new animated series, "Rainbow Rangers," which will debut November 5 on Nick Jr.
"We have tried to create a niche, which is what we call content with a purpose," he said. "Every program that we bring forth has to have some enrichment to it and some value other than just the entertainment alone."
Genius already has 20 licensing partners lined up for "Rainbow Rangers" and 300 merchandise products in the making, including toys, dolls, school supplies, and clothing.
The funding news arrives as competition in the kids entertainment space accelerates. The media industry has been hit with a wave of M&A activity this year, with AT&T snapping up Time Warner and Disney purchasing the assets of 21st Century Fox.
Heyward believes the ripple effect of those acquisitions will reshape the whole industry, but he isn't rushing to join the fray ー at least not immediately.
"We're not in the position where we are going to sell the company today ー at some point, we may," he said.
For more on this story, [click here](https://cheddar.com/videos/genius-brand-rakes-in-4-5-million-to-boost-new-animated-series).
A Senate bill unveiled on Wednesday looks to tackleonline safety for children by regulating Big Tech and social media platforms to deter users from content that can harm their mental health. Irene Ly, a policy counsel for the age-based ratings and review organization Common Sense Media, joined Cheddar News to break down the potential of the Kids Online Safety Act. "We can't be imposing such a big burden on parents to be doing it all on theirselves," Ly said. "I think you also have to keep in mind that parents often didn't grow up with social media, so they don't understand what it's like to be addicted to social media or really understand how they work."
While many still remain skeptical about the metaverse, big tech firms and even one big bank are ready to expand their virtual worlds. Facebook parent company has pivoted so hard it will now call its employees 'Metamates,' and even JPMorgan Chase has created its own digital lounge on one virtual platform. While the sector remains young, there seems to be significant investment opportunity, especially with companies like Nvidia. Adam Johnson, a portfolio strategist at Adviser Investments, joins Closing Bell to discuss which companies could win in this space, consumer appetite, and more.
Marc Blinder, Co-Founder and CEO of Aikon, joins Cheddar News' Closing Bell, where he discusses how his company is helping businesses use blockchain applications without needing to learn the intricacies of the new technology.
Senators Richard Blumenthal (D-Conn.) and Marsha Blackburn (R-Tenn.) have introduced a new bill to afford greater protection to minors on social media. The genesis of the Kids Online Safety Act came from a Facebook whistleblower case exposing the harm apps can have on the mental health of young girls.
Ride share competitors Uber and Lyft both posted their fourth quarter earnings days apart from each other. Both companies have been trying to get back on their feet after taking some pandemic-related hits, but the Omicron variant had other ideas as the year came to a close, with each company taking a hit in ridership in December. Lance Ippolito, head trader at The Future of Wealth explains how Uber and Lyft measured up this earnings period and why Uber may still have an edge over the competition.
