Jack Friedman
| Jack Friedman | |
|---|---|
 |
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| Born | July 3, 1939 New York City, New York |
| Died | May 3, 2010 (aged 70) Los Angeles, California |
| Nationality | American |
| Occupation | Entrepreneur, businessman |
Jack Friedman (July 9, 1939 – May 3, 2010) was an entrepreneur, businessman, veteran of the toy and video game industries, and a philanthropist. Regarded as an influential member in the toy and video game industries, Friedman founded the three toy companies LJN Toys, THQ, and Jakks Pacific; LJN and THQ later switched focus to video games.
Born in Queens, New York in 1939, and raised Jewish by his mother, Friedman began his career in the 1960s as a sales representative for the toy company Norman J. Lewis Associates, selling plush toys and novelty items to stores along the East Coast.
After working at Norman J. Lewis, Friedman began considering his own concepts for toy products. In 1970, he formed LJN Toys Ltd., which created toy lines and video games based on movies, television shows and celebrities. The company was established with the financial backing of Friedman's employer, Norman J. Lewis, who later sold his interest in the company to a Chinese investor. After Lewis moved on, Friedman remained committed to promoting the company's growth and focused the company's strategy toward licensing. Basing toys on popular characters wasn't a new concept, but Friedman had an instinct for recognizing blockbusters, could conceive products for diverse audiences, and could negotiate and execute licenses quickly, which brought the practice to a new level. LJN found initial success making merchandise from the film E.T. the Extra-Terrestrial. Friedman continued to acquire licenses, personally meeting with celebrities such as Michael Jackson and Brooke Shields, before making dolls based on their figure.
By 1983, LJN Toys had attained $51 million in sales and attracted the attention of MCA Inc., which was at the time the parent company of Universal Studios. MCA had been acquiring many companies during the mid-1980s, and had a particular interest in acquiring toy companies. In 1985, MCA acquired a 63 percent interest in LJN Toys, completing a $32 million stock deal that required Friedman to move to Los Angeles County, California. Friedman signed a long-term employment agreement with MCA and began running LJN Toys from southern California. Friedman was an avid movie fan, and had considered producing films, but after two years and just before MCA sold LJN to Acclaim Entertainment, Friedman left the company, preferring to be on his own in the business world.
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