Brian Parisi, CFO of Kartoon Studios, Named Public Company CFO of the Year by Los Angeles Business Journal / Provides Update on Company

October 7, 2024

Kartoon Studios' CFO, Brian Parisi, has been honored as CFO of the Year for a publicly traded company by the prestigious Los Angeles Business Journal. The award recognizes CFOs who drive significant change within their companies and play a crucial role in their growth.

Since joining Kartoon Studios, Brian has instilled a strong sense of financial discipline in the company - implementing cost-cutting measures that have already saved over $4.5 million and have promoted prudent spending to maximize the return on every dollar spent. He draws on his 30 years of financial expertise in the entertainment industry at mega brands such as Warner Bros., Live Nation, and the NFL Hall of Fame to bring a creative and thoughtful approach to the company.

Andy Heyward, CEO of Kartoon Studios, commented: "Brian's deep expertise in finance and the entertainment business has already made a tremendous impact in shaping Kartoon Studios. We believe he can guide us toward profits and returns for our shareholders. Congratulations, Brian - you truly deserve this prestigious honor."

We asked Brian some questions about the award and Kartoon Studios:

How is the company planning for future growth?

We have three drivers now positioned for robust future growth - Winnie the Pooh, Stan Lee, and our global distribution platform Kartoon Channel.

Winnie-the-Pooh has been the single largest preschool children's brand in history, with nearly $80 billion in global sales. When the copyright expired, we seized this opportunity to create something new, fresh, and bold. We expect to bring the new Winnie-the-Pooh brand to market by Q4 2025 and grow it for many years to come.

Our ownership and control of the Stan Lee Universe provides us with multiple properties from the most prolific creator of successful content ever. As we roll out Stan Lee Universe, we are mining the creativity of the same man who created Spider-Man, Iron Man, Hulk, Captain America, Fantastic Four, Black Panther, Thor, Guardians of the Galaxy, and the Avengers. Three of the top ten highest-grossing movies of all time came from this one man's imagination.

Finally, in the last year, we have turned Kartoon Channel into one of the few profitable streaming services by focusing on cost efficiencies and strategic content licensing. Our customers have responded by ranking us number one in the Apple App Store by users, above competitors including Disney +, Netflix, PBS Kids, and YouTube Kids. It is growing each month, both in the U.S. and globally, where it is currently in over 64 territories.

What changes have you implemented to help drive down costs for the company?

When I joined just over a year ago, I implemented a 30-60-90-day plan, which allowed me to thoroughly assess the company and identify key drivers for success. I then proposed actionable opportunities to improve efficiency and began executing those strategies. Working closely with the leadership team in each division, we collectively focused on driving efficiencies across the entire enterprise, taking a critical look at every expense. This approach identified over $4.5 million in annual cost savings in a remarkably short period.

What does this award mean to you?

Although this is an individual award, I owe much of my success to my incredible mentors, executive sponsors, and experiences throughout my career. From my early roles at AT&T to working with entertainment giants like Universal Studios, Warner Bros., the NFL, and Live Nation, I've learned invaluable lessons about business, work ethic, and navigating complex corporate environments. More recently, the team at Kartoon Studios has been incredibly supportive from day one, giving me the freedom to implement positive changes. I am deeply grateful to Andy, the board, and the senior leadership team for the opportunity they've given me in my short time here at Kartoon Studios.

Given the turbulent economy, what are the keys to being a successful CFO?

To thrive in a dynamic and diverse company like Kartoon Studios, I knew I had to position myself as a strategic business partner to Andy and the leadership team. While I was confident that my past experiences could add value from day one, I understood that true success would only come from working collaboratively with an already seasoned and experienced management team at Kartoon Studios.

Before joining Kartoon Studios, Brian served as the Chief Financial Officer at Break the Floor Productions in Hollywood, California, an entertainment production company. During his tenure, he played a pivotal role in preparing the company for sale, successfully completing two transactions with private equity firms. He also served as the Chief Financial Officer at the NFL Hall of Fame Village (HOFV), where he oversaw a wide range of financial activities, including managing construction budgets, assisting the company with its IPO, financial reporting, and cash management for the nearly $1 billion investment in a newly designed entertainment complex in Canton, Ohio. Additionally, he was the Head of Finance for the Festivals Division at Live Nation Entertainment (LYV), where he developed strategic plans for Electronic Dance Music festivals across multiple countries, attracting more than 1.3 million fans annually. Brian has also held leadership roles at Warner Bros. Entertainment (WBD) and NBC Universal (CMCSA).

Brian is a CPA who holds a B.S. in Accounting from Purdue University's Daniel School of Business, and an M.B.A from the University of Southern California's Marshall School of Business.

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Forward-Looking Statements

Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. The forward-looking statements include statements regarding three drivers now positioned for robust future growth - Winnie the Pooh, Stan Lee, and global distribution platform Kartoon Channel; guiding the company toward increasing profits and returns for shareholders, bringing the new Winnie-the-Pooh brand to market by Q4 2025 and growing it for many years to come. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties; the Company's ability to successfully grow, profit and increase shareholder returns, the ability to bring the new Winnie-the-Pooh brand to market by Q4 2025 and grow it for many years to come ; the ability to continue to enhance operational efficiency, increase the pipeline;; the Company's ability to obtain additional financing on acceptable terms, if at all; general economic and financial conditions; the Company's ability to anticipate changes in popular culture, media and movies, fashion and technology; competitive pressure from other distributors of content and within the retail market; the Company's reliance on and relationships with third-party production and animation studios; the Company's ability to market and advertise its products; the Company's reliance on third-parties to promote its products; the Company's ability to keep pace with technological advances; the Company's ability to protect its intellectual property and those other risk factors set forth in the "Risk Factors" section of the Company's most recent Annual Report on Form 10-K and in the Company's subsequent filings with the Securities and Exchange Commission (the "SEC"). Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

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