News
4Kids CEO Takes Pay Cut, Execs' Pay Tied to Ownership
posted on by Crystalyn Hodgkins
ICv2 reported on Friday that Alfred Kahn, Chairman and Chief Executive Officer of the American licensing and distribution company 4Kids Entertainment, is taking a 15 percent cut in his annual salary. Kahn will make US$765,000 in 2010.
In addition, regulatory filings this week revealed that two executives who would have integral roles in a potential sale of the company, the Chief Financial Officer and the General Counsel, will be eligible to receive payments of twice their annual salary and a bonus if the company changes hands.
In August, the website Paidcontent.org reported that 4Kids had allegedly put itself up for sale. 4Kids responded to the allegations stating it had retained the financial adviser Montgomery & Co. to help evaluate its strategic alternatives. It added that it did not plan to comment further on its evaluation process until the process ended or until it decided otherwise. 4Kids' past and current anime licenses have included Pokémon, One Piece, Tokyo Mew Mew, Kirby: Right Back At Ya!, Sonic X, Yu-Gi-Oh!, Shaman King, and Dinosaur King, and currently the company runs its programming on The CW Network.
4Kids Entertainment had posted US$13.8 million and US$5 million in losses in the second and third quarters of 2009, respectively.
