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"Six months ago, WildBrain was a debt-laden, dual-class entertainment company with a valuable but illiquid Peanuts stake and a shrinking TV business. Today it is a debt-free, single-class, IP-focused licensing and content company with no foreign ownership restrictions, $40 million in cash, $50 million in annual interest savings, and growing owned franchises. The transformation appears real. The question is whether the market will recognize it. The single-class conversion introduces an M&A catalyst that didn’t exist before. It has significantly increased the possibility of a buyout. The interest savings of $50 million per year on a $310 million market cap company is also pretty impressive with the equivalent of 16% of current market cap returning to the business annually."
