The move further supports the group's spinoff from a former division of American Greetings to an individual company.

Under the terms of the agreement, company owners the Weiss Family will retain 100 percent ownership of Cloudco. All current Cloudco executives and management will remain.

Cloudco Entertainment is producing a new Holly Hobbie live-action TV series with Aircraft Productions and Wexworks Media for Hulu, Family Channel in Canada and The Universal Kids Channel, Tinpo; a new animated series for Cbeebies in partnership with OLM/Sprite Animation and Dentsu Inc.; as well as a soon-to-be announced Care Bears live-action/animated feature film in development with a Hollywood studio.