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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=5><B>UNITED STATES <BR>


SECURITIES AND EXCHANGE COMMISSION </B></FONT><BR>

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<FONT FACE="Times New Roman, Times, Serif" SIZE=4><B>WASHINGTON, D.C. 20549</B> </FONT><BR><BR>

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<FONT FACE="Times New Roman, Times, Serif" SIZE=5><B>FORM 8-K </B></FONT></P>

<P align=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>CURRENT REPORT<BR><BR> PURSUANT TO SECTION 13
OR 15 (d) OF THE <BR>SECURITIES EXCHANGE ACT OF 1934</B></FONT></p>


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<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Date
of Report (Date of earliest event reported): <B>January 30, 2007</B> </FONT></P>

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<p><table width=600><tr><td  align=center><font size=2><B>Commission file number 0-7843</B></font></td></tr></table>


<p><table width=600><tr>
    <td  align=center><font size=2><B><font size="6">4Kids Entertainment, Inc.
      </font></B></font>
      <hr noshade align="center" size="1" width="50%">
      <font size=2> (Exact name of Registrant as specified in its charter)</font></td>
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    <td  align=center width="292"><font size=2><B>New York</B></font>
      <hr noshade align="center" size="1" width="50%">
      <font size=2><B> </B>(State or other jurisdiction of <br>
      incorporation or organization) </font></td>
    <td  align=center width="296"><font size=2><b>13-2691380</b></font>
      <hr noshade align="center" size="1" width="50%">
      <font size=2><b> </b>(I.R.S. Employer<br>
      Identification No.)</font></td>
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    <td  align=center><font size=2><B>1414 Avenue of the Americas <BR>
      New York, New York 10019 <BR>
      (212) 758-7666 </B></font>
      <hr noshade align="center" size="1" width="50%">
      <font size=2><B> (</B>Address, including zip code, and telephone number,
      including area code,<br>
      of Registrant&#146;s principal executive offices)</font></td>
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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Check the
appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT SIZE="1">&nbsp;</FONT></P>


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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR><TR><TD>&nbsp;</TD></TR></TABLE>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR><TR><TD>&nbsp;</TD></TR></TABLE>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR><TR><TD>&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE>



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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 5.02.  Departure of Directors or Certain Officers;
 Election of Directors; Appointment of Certain Officers; Compensation Arrangements of Certain Officers</FONT></H1>









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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On January 30, 2007, 4Kids Entertainment Licensing,
Inc. (&#147;4KEL&#148;), a subsidiary of 4Kids Entertainment, Inc. (&#147;4Kids&#148; or the
&#147;Company&#148;), and Bruce R. Foster entered into an amendment to the employment
agreement, dated December 1, 2005, pertaining to Mr. Foster&#146;s service as 4Kids&#146;  Chief Financial Officer
(the &#147;Agreement&#148;). </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Under the terms of the Agreement:
 (a) Mr. Foster&#146;s employment with 4KEL will continue until December 31,
2009; (b)  Mr. Foster will be entitled to receive an annual
base salary of $550,000; (c) for
calendar years 2007-2009, Mr. Foster will be eligible to receive salary increases at
the discretion of the Compensation Committee of the Board of Directors of 4Kids
(&#147;Compensation Committee&#148;) and an annual cash bonus based upon such quantitative
and qualitative criteria as shall be established in the sole discretion of the Compensation Committee in connection
with the Company's business plan, if any, for such fiscal year, as such business plan may
be amended from time to time; and (d) in the event that during the Term, there shall occur a Change of Control, Mr. Foster may,
within six (6) months after the occurrence of the Change of Control, voluntarily terminate his employment in
which case Mr. Foster shall be entitled to receive a payment equal to 2.99 times his average annual
compensation (including bonuses) paid by the Company during the three (3) calendar years prior to the
Change of Control.  Such payment shall be made to Employee in a lump sum as of the date that Mr. Foster voluntarily terminates his
employment. </FONT></P>















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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The amendment to the Agreement described
above is furnished as exhibit 99.1 to this Report and incorporated by reference herein.
The description of the amendment is summary in nature and does not purport to
be complete. This summary should be read in connection with the exhibit hereto. </FONT></P>



<H1><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9.01.  Financial Statements and Exhibits.</FONT></H1>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
Exhibits</I></FONT></P>



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<TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>       <U>   Exhibit</U> </FONT></TD>
<TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  &nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>Description</U> </FONT></TD>
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<TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>          99.1  </FONT></TD>
<TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  &nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Amendment to the Employment Agreement, dated as of January 30, 2007, among 4Kids Entertainment Licensing, Inc., 4Kids Entertainment, Inc. and Bruce R. Foster. </FONT></TD>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date:&nbsp;&nbsp;February 5, 2007 </FONT></P>


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<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4KIDS ENTERTAINMENT, INC.</B><BR><BR>
<BR>By: <U><I>/s/
Alfred R. Kahn </I></U><BR><BR>
Alfred R. Kahn<BR>Chairman of the Board, Chief Executive Officer</FONT></TD>
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Exhibit Index</U></FONT></P>



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<TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  &nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
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<TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>          99.1  </FONT></TD>
<TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  &nbsp;  </FONT></TD>
<TD ALIGN=LEFT WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Amendment to the Employment Agreement, dated as of January 30, 2007, among 4Kids Entertainment Licensing, Inc., 4Kids Entertainment, Inc. and Bruce R. Foster.</FONT></TD>
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{"company-data": {"conformed-name": "4 KIDS ENTERTAINMENT INC", "cik": "0000058592", "assigned-sic": "6794", "irs-number": "132691380", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-16117", "film-number": "07581112"}, "business-address": {"street1": "1414 AVE OF THE AMERICAS", "city": "NEW YORK", "state": "NY", "zip": "10019", "phone": "2127587666"}, "mail-address": {"street1": "1414 AVENUE OF THE AMERICAS", "city": "NEW YORK", "state": "NY", "zip": "10019"}, "former-company": [{"former-conformed-name": "LEISURE CONCEPTS INC", "date-changed": "19920703"}, {"former-conformed-name": "AMERICAN LEISURE INDUSTRIES INC", "date-changed": "19740822"}]}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13
OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported):
January 30, 2007
Commission file number 0-7843
4Kids Entertainment, Inc.
(Exact name of Registrant as specified in its charter)
New York
(State or other jurisdiction of
incorporation or organization)
13-2691380
(I.R.S. Employer
Identification No.)
1414 Avenue of the Americas
New York, New York 10019
(212) 758-7666
(
Address, including zip code, and telephone number,
      including area code,
of Registrant's principal executive offices)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02.  Departure of Directors or Certain Officers;
 Election of Directors; Appointment of Certain Officers; Compensation Arrangements of Certain Officers
On January 30, 2007, 4Kids Entertainment Licensing,
Inc. ("4KEL"), a subsidiary of 4Kids Entertainment, Inc. ("4Kids" or the
"Company"), and Bruce R. Foster entered into an amendment to the employment
agreement, dated December 1, 2005, pertaining to Mr. Foster's service as 4Kids'  Chief Financial Officer
(the "Agreement").
Under the terms of the Agreement:
 (a) Mr. Foster's employment with 4KEL will continue until December 31,
2009; (b)  Mr. Foster will be entitled to receive an annual
base salary of $550,000; (c) for
calendar years 2007-2009, Mr. Foster will be eligible to receive salary increases at
the discretion of the Compensation Committee of the Board of Directors of 4Kids
("Compensation Committee") and an annual cash bonus based upon such quantitative
and qualitative criteria as shall be established in the sole discretion of the Compensation Committee in connection
with the Company's business plan, if any, for such fiscal year, as such business plan may
be amended from time to time; and (d) in the event that during the Term, there shall occur a Change of Control, Mr. Foster may,
within six (6) months after the occurrence of the Change of Control, voluntarily terminate his employment in
which case Mr. Foster shall be entitled to receive a payment equal to 2.99 times his average annual
compensation (including bonuses) paid by the Company during the three (3) calendar years prior to the
Change of Control.  Such payment shall be made to Employee in a lump sum as of the date that Mr. Foster voluntarily terminates his
employment.
The amendment to the Agreement described
above is furnished as exhibit 99.1 to this Report and incorporated by reference herein.
The description of the amendment is summary in nature and does not purport to
be complete. This summary should be read in connection with the exhibit hereto.
Item 9.01.  Financial Statements and Exhibits.
(d)
Exhibits
Exhibit
Description
99.1
Amendment to the Employment Agreement, dated as of January 30, 2007, among 4Kids Entertainment Licensing, Inc., 4Kids Entertainment, Inc. and Bruce R. Foster.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:  February 5, 2007
4KIDS ENTERTAINMENT, INC.
By:
/s/
Alfred R. Kahn
Alfred R. Kahn
Chairman of the Board, Chief Executive Officer
Exhibit Index
Exhibit
Description
99.1
Amendment to the Employment Agreement, dated as of January 30, 2007, among 4Kids Entertainment Licensing, Inc., 4Kids Entertainment, Inc. and Bruce R. Foster.