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The Toronto-headquartered entertainment firm is spending an initial US$11 million in cash plus one million shares for the Los Angeles-based conversational AI startup. It will also pay US$2 million on the anniversary of closing, and earn-outs of up to US$56 million based on the revenue the unit earns through 2029. (The Logic)
Talking point: WildBrain owns, produces and licenses out some blockbuster youth entertainment properties, including Teletubbies, Inspector Gadget and Canada’s very own Degrassi. It’s buying Personality for its generative AI technology, which powers apps like a Peppa Pig avatar with whom kids can talk as they play games on Amazon Fire tablets. WildBrain, which is adding 11 Personality staff as part of the deal, plans to develop similar interactive products based on its intellectual property. Personality claims it’s built guardrails into its tool to ensure kids don’t see or hear anything inappropriate, or get addicted; other AI developers that have allowed minor users have faced lawsuits over the impact of their technology. WildBrain’s stock was mostly flat in Monday trading.
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