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DHX Media has notified NASDAQ of its intention to voluntarily delist its common voting shares and variable voting shares from NASDAQ. WildBrain's shares will continue to trade on TSX. With the majority of its Shares trading on the TSX, WildBrain believes the costs and administrative requirements associated with maintaining a dual listing are not justified at this time. The decision to delist from NASDAQ is consistent with the company's previously announced cost saving efforts with a portion of these savings to be redeployed for investing in growth areas of the business. WildBrain expects that its shares will cease trading on NASDAQ on or about December 24. Following its delisting from NASDAQ, the company intends to voluntarily deregister its shares in the U.S. and cease its public reporting obligations with the SEC. The company's Form 40-F for the fiscal year ended June 30, 2019 is expected to be its last publicly filed report with the SEC.

As part of its strategic repositioning, subsequent to year-end the company's new CEO initiated a reorganization of its management team to simplify the organizational structure and reduce costs. These initiatives began in Q1 2020 and are expected to be completed by the end of Fiscal 2020. As a result, the company expects to incur one-time cash reorganization charges in the range of $10M-$12M that are expected to generate annual savings of approximately $10M. A portion of these savings will be redeployed to invest in growth areas of the business including the AVOD business and brands. As part of this reorganization, Aaron Ames, COO, has been appointed CFO effective immediately, succeeding Doug Lamb, who has decided to step down. To ensure a smooth transition, Lamb will remain with the company in an advisory role until October 31. The COO position will not be replaced.

DHX Media announced that it will change its name to WildBrain and has begun rolling out a new corporate brand identity. Additionally, the company commenced a management and business reorganization to advance its strategic priorities, and has appointed a new CFO. Eric Ellenbogen, the company's newly appointed CEO and Vice Chair, said, "Rebranding as WildBrain embraces our commitment to creativity, imagination and innovation, and our 360 degrees approach to brand management. For many years, our WildBrain group has been at the leading edge of the digital media business. As that landscape continues to rapidly evolve, now is time to unify all the parts of our Company under both the name and entrepreneurial culture that WildBrain represents."

DHX Media announced that Eric Ellenbogen has been appointed CEO and Vice Chair of the board, effective today. Ellenbogen succeeds Michael Donovan, who has stepped down as CEO. Donovan has also stepped down as Executive Chair and will continue to serve on the board as Founding Chair. Donald Wright has been appointed non-executive Chair.