Genius Products Inc. (GNPR)

[fredman]

Genius Products Inc. has reaffirmed its alignment with The Weinstein Co. and solidified its management ranks in light of GNPR Investments LLC’s new ownership role.

The company’s distribution business, Genius Products LLC, will exclusively distribute TWC titles through Dec. 31, 2010. Genius and TWC also have mutually agreed to extend the contract to Dec. 31, 2011. Genius should enjoy more favorable financial terms with TWC titles since GNPR took a 60% stake in the distribution business in January. Going forward, Genius Products and TWC hold 25% and 15% interests, respectively, in the distribution business. Previously, TWC was the majority owner for Genius Products LLC.

Genius Products Inc. also has signed on CEO Trevor Drinkwater, president Matthew Smith and executive VP/general manager Mitch Budin for new three-year employment contracts. Additionally, Genius’ board of director members Alan Quasha, Bruce Bunner and John Hecker will fill three board vacancies left by the GNPR transaction.

Effective Feb. 27, Quasha will become Genius’ chairman of the board and member of the audit committee, compensation committee and nominating committee. Bunner and Hecker also will be part of these three committees.

Previous Genius chairman Stephen K. Bannon will stay on as vice chairman of the board. Drinkwater will continue as a board member.

Also, Genius has amended its line of credit with Société Générale.

These moves follow Genius cutting 17% of its workforce following GNPR’s new involvement with the company.

Source: http://www.videobusiness.com/article/CA6639446.html