Stephen Berman
Stephen Berman is a co-founder of JAKKS Pacific and also the company's Chairman and CEO. Since 1995, Berman has held a number of key roles at JAKKS, turning the organization into one of the largest toy marketers and manufacturers in the United States. In the main, JAKKS creates, manufactures and markets toys via licenses with well-known brands. He is responsible for designing and manufacturing toys for The Walt Disney Company, Warner Bros., Activision, NBCUniversal, Microsoft, and Nintendo.
Stephen Berman | |
|---|---|
| Born | Stephen G. Berman |
| Nationality | American |
| Occupation | Co-founder & Chairman |
| Years active | 1980s-present |
| Employer | JAKKS Pacific |
Career
Berman started his career in the fitness industry, where he had his first success as an entrepreneur. He owned a successful fitness company based in Woodland Hills, California, which was known as Balanced Approach Inc.. He then held a notable role at THQ International and served as their Managing Director between 1991 and 1995. During this time, the company grew as both a video game company and also toy manufacturer. Following the acquisition of Black Pearl Software, THQ International began to focus more heavily on video gaming rather than toys.
When he reached his early 30s, he had amassed a reasonable fortune and decided he wanted to try something new. He spoke with Jack Friedman about starting a new toy company.[1] As THQ had recently moved out of the market, they believed there was a gap in the market that needed to be filled.
Friedman and Berman then co-founded Jakks Pacific in 1995. Over the next 4 years, Berman and his co-founder grew JAKKS into one of the most promising toy startups in the US. The reason for its rapid success was partnerships with a number of major brands. The most notable at the time was Berman's agreement with the WWE, to produce wrestling-related toys on behalf of the organization. The agreement was for 14-years in total, meaning that Berman could use it as a springboard to rapidly grow the business. In those 4 years, he grew JAKKS Pacific from a new company to $85 million in revenue. Over half of that revenue came from wrestling toys and its partnership with WWE.[1]
Not only were revenues high, but also profits when compared to other toy marketers and manufacturers. They were one of the first US-based toy companies to mass produce their inventory overseas and make large savings using that strategy.[1]
Due to the rapid growth of JAKKS Pacific, Berman was recognized as Ernst & Young Entrepreneur of the Year in 2001 in the distribution category.[2]
Over the next decade, Berman was responsible for signing numerous partnerships, which made JAKKS a major toy manufacturer and marketer in the United States. During this period he was the company's Chief Operating Officer. In 2002, he also served as President of Toymax International, after it was acquired by JAKKS Pacific. The Los Angeles Times reported that the deal was worth $54 million. Toymax subsequently became a subsidiary of JAKKS.[3]
He currently holds the position of Chairman at JAKKS Pacific.
Philanthropy
Berman is responsible for creating JAKKS Cares, part of the philanthropic arm of JAKKS Pacific. JAKKS Cares and other foundations have been responsible for giving over $50 million in monetary gifts to children's charities and have also partnered with the NBA to provide children and less fortunate fans with basketball toys.[4]
Awards
Berman's achievements in the toy and entertainment markets have led him to be recognized as Ernst & Young Entrepreneur of the Year in 2001 and also win other awards from Variety (magazine) and vendors Target, Walmart, and Toys R Us.
Personal life
Berman has three children, Ariana, Logan and Sienna Berman.
References
- Marsh, Ann (November 1, 1999). "Big Jakk attack". Forbes.
- "2001 Winners". Ernst & Young Entrepreneur of the Year Award.
- James, Meg (February 11, 2002). "Jakks Pacific to Buy Toymax International". LA Times.
- "JAKKS Pacific Donates Toys to Pacers Sports & Entertainment for 8th Year". NBA.