Stan Lee Media Saved from Bankruptcy
Bankrupt animation house Stan Lee Media (www.stanlee.net), is to restructure and receive refinancing from Austin, Texas-based Interfase Capital. The size of the Interfase investment was not disclosed.
Stan Lee Media president and CEO Ken Williams said that the company will partner with San Francisco entertainment company Wildbrain (www.wildbrain.com), consolidating the production, marketing and sales aspects of the two companies. Interfase Capital is an investor in Wildbrain.
The restructured Stan Lee Media will rely less on the Web as its sole source of revenue, and emphasize the potential of its content in movies, television, and games. Stan Lee Media will continue to use the Web for brand extension and product launches, but shift its content delivery to old media until the online content market matures, Williams said.
Stan Lee Media, the production and marketing company founded by Spiderman creator Stan Lee, filed for Chapter 11 bankruptcy protection in February 2001. The company's restructuring plans, and details of its new business plan, are to be presented to a bankruptcy court in the next few months, says Interfase spokesman Joseph Allan.