Susan L. Solomon named chairman and chief executive officer of Lancit, leading producer and creator of quality children's programming.NEW YORK--(BUSINESS WIRE)--April 1, 1997--Lancit Media Entertainment, Ltd. (Nasdaq: LNCT LNCT Linear Normal Constant Tangential Basis Function ), a leading creator and producer of high quality children's and family programming, today announced that Susan L. Solomon has been named Chairman of the Board of Directors and Chief Executive Officer of the Company, effective immediately.
Ms. Solomon, who has spent her career building businesses in the entertainment industry, joins Lancit from the Sony Corporation of America Sony Corporation of America (SCA) is the United States subsidiary of Japan's Sony Corporation. It is based in Inglewood, California. It is the umbrella company under which all Sony companies operate in the United States. Subsidiaries
A person representing a financial institution that is in the business of raising capital for corporations and municipalities.
An investment banker may not accept deposits or make commercial loans. and lawyer specializing in entertainment and media transactions.
Cecily Truett, who previously held the posts of Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , was named Co-President of the Company, a position she will share with current President Larry Lancit.
Ms. Truett said, "Late last year our Board set out to find a senior executive with a record of success in the entertainment industry and substantial financial and operating experience who could help make the most of Lancit's business opportunities. We have found the ideal executive in Susan.
"Susan brings a strategic vision, proven managerial skills, a breadth of industry knowledge and relationships and an entrepreneurial approach that will be of tremendous value to Lancit. Larry and I will devote our full energy to creating and producing the high-quality programming for which Lancit is known. This will position the Company for tremendous growth."
"I am delighted to join Lancit, a company with a well-earned reputation for producing high-quality, award-winning programming - like Reading Rainbow - and a strong track record in creating great brands," Ms. Solomon said. "With our excellent creative team, our new programming relationships - with Discovery, with educational institutions like the Smithsonian and the American Museum of Natural History American Museum of Natural History, incorporated in New York City in 1869 to promote the study of natural science and related subjects. Buildings on its present site were opened in 1877. , and with others - our committed staff, and our own licensing resources, we will aggressively pursue business opportunities available to the Company."
About Susan L. Solomon
Ms. Solomon served as President and Chief Executive Officer of Sony Worldwide Networks - a national digital radio and online network pioneering the use of advanced broadcast and Internet technologies - until August 1996 when she was named Senior Vice President, Corporate Development for Sony Corporation of America. Ms. Solomon first joined Sony in January 1994 when Sony USA's Chairman recruited her to oversee the Company's radio investments and to develop worldwide music video channels.
Prior to joining Sony, Ms. Solomon was with MacAndrews and Forbes, serving as Executive Vice President of The Andrews Group where she formulated strategy and identified and acquired businesses to expand the Company's media and entertainment holdings, including products for children. Previously, Ms. Solomon was a senior investment banker, specializing in entertainment and media, affiliated with MMG MMG Macquarie Media Group
MMG Ministry Medical Group
MMG Medium Machine Gun
MMG Mobile Messaging Gateway
MMG Master of Management
MMG Meridian Management Group, Inc. Patricof & Co., and a principal of Trillium Media Ltd., a financial advisor in entertainment and media transactions. Ms. Solomon has also held senior executive positions with CBS Inc. and Warner-Amex Satellite Entertainment Co. - where she contributed to the growth of Nickelodeon as a full-fledged network.
She began her career practicing law with Debevoise & Plimpton. Ms. Solomon holds a B.A. from New York University New York University, mainly in New York City; coeducational; chartered 1831, opened 1832 as the Univ. of the City of New York, renamed 1896. It comprises 13 schools and colleges, maintaining 4 main centers (including the Medical Center) in the city, as well as the and a J.D. from Rutgers Law Rutgers Law may refer to:
Lancit Media Entertainment is a leading creator and producer of high-quality children's and family programming, including Reading Rainbow, which has won 11 Emmy Awards including the 1996 Emmy for "Outstanding Children's Series," and The Puzzle Place, the hit daily PBS PBS
in full Public Broadcasting Service
Private, nonprofit U.S. corporation of public television stations. PBS provides its member stations, which are supported by public funds and private contributions rather than by commercials, with educational, cultural, children's series produced in cooperation with KCET KCET Konami Computer Entertainment Tokyo (Japan)
KCET Kamaraj College of Engineering and Technology television/Los Angeles.
Besides Reading Rainbow and The Puzzle Place, Lancit's television projects include: Seekers, a major new action adventure show in partnership with the Smithsonian Institution Smithsonian Institution, research and education center, at Washington, D.C.; founded 1846 under terms of the will of James Smithson of London, who in 1829 bequeathed his fortune to the United States to create an establishment for the "increase and diffusion of and Backyard Safari, a natural science series in association with the American Museum of Natural History. Lancit is also developing The Giver, the best-selling children's fiction book, as a feature film with Jeff Bridges and AsIs Productions. The Strategy Licensing Company, a Lancit subsidiary, represents Lancit properties and several high profile multi-media properties including Sega's Sonic the Hedgehog Sonic the Hedgehog is a fictional hedgehog character that serves as the mascot of the Japanese video game company Sega. The name is also the title of several entries in the Sonic the Hedgehog series. , Broderbund's Kid Pix, and Humongous' Putt-Putt and Freddi Fish.
In September 1996, Discovery Communications, Inc., owner of cable television's Discovery Channel and retailing's The Nature Company, formed a strategic programming alliance with the Company and purchased a 6.6% equity stake in Lancit.
Except for the historical information contained here, certain matters included in this press release constitute `forward- looking' statements, as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, which involve certain risks and uncertainties, including, but not limited to, the outcome of current negotiations as well as risks generally associated with the production and distribution of a television series, movie, or other entertainment project which could cause actual results to differ materially from those discussed herein. See the relevant discussions of these and other risks as described in the Company's 1996 Annual Report on Form 10-K/A filled with the Securities and Exchange Commission for a further discussion of the risks and uncertainties applicable to the Company and its business.
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