To mark the anniversary of Albert Einstein's birth on March 14, 1879, Hebrew University of Jerusalem announced that it had signed an agreement with Walt Disney Holding Co. (NYSE:DIS), under which the university grants Disney user rights to the Baby Einstein line of children's educational toys, which are marketed worldwide.
Disney will pay Hebrew University $2.66 million. Over the next five years, the university's name and the Einstein Archives website will appear on all packaging and advertisement of Baby Einstein products.
Hebrew University signed the agreement with Disney after lengthy negotiations. The Roger Richman Agency Inc. of Los Angeles, a global expert in the marketing of famous people, helped mediate the agreement. The agency is the exclusive worldwide representative for the University and is responsible for clearance of rights to utilize Einstein in advertising, merchandising and promotions. In addition, the agency prevents the unauthorized use of the likeness and image of Einstein.
Hebrew University president Prof. Menachem Magidor said, "The university considers itself responsible for preserving Einstein's heritage. Revenue from the use of his name is used to maintain the Einstein Archives, founded in 1982, as well as to finance infrastructure for research."
Einstein was a founder of Hebrew University in 1925 and one of its most loyal supporters.
Published by Globes [online], Israel business news - www.globes.co.il - on March 14, 2005