Stan Lee Media Suspends Production Operations
Just days after giving an inspiring keynote speech, Ken Williams, CEO and president of Stan Lee Media, said the company was suspending operations of its animation production.
In a terse announcement issued Saturday, the company said it laid off "substantially all of its staff" after seeing its stock tumble under a dollar. It also failed to close its recent bridge financing. The exact number of people remaining at Stan Lee are unknown but several key executives will remain to find new financing options.
"We still believe in the fundamentals of our business plan and are proud of the work we have accomplished to date," said Williams. "In the coming weeks, we will be focusing on exploring the full range of strategic alternatives available to us in order to maximize shareholder value."
The announcement comes on the heels of the merger between Shockwave.com and AtomFilms on Friday, for an undisclosed amount. In late October, Stan Lee revised its deal with Shockwave so its content would no longer be exclusive to Shockwave. Macromedia CEO and chairman, Rob Burgess, also resigned from Stan Lee's board.
Los Angeles-based animation company Stan Lee Media has made deals recently with The Backstreet Boys to create an online toon and comic books.
Stan Lee Media's stock price has dipped below a dollar recently, and the company was forced to seek more financing. Stan Lee's stock price closed at 13/16 on Friday, with a 52-week range of 5/8 - 28 1/8.