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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>October 26, 2006</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 1.01. Entry into a
Material Definitive Agreement. </FONT></H1>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On October 26, 2006, 4Kids Entertainment Licensing,
Inc. (&#147;4KEL&#148;), a subsidiary of 4Kids Entertainment, Inc. (&#147;4Kids or the
&#147;Company&#148;) and Brian Lacey signed an amendment to the employment
agreement dated as of October 16, 2006, pertaining to Mr. Lacey&#146;s service as Executive Vice President, International (the
&#147;Lacey Amendment&#148;). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Under the terms of the Lacey
Amendment: (a) Mr. Lacey&#146;s employment with 4KEL will continue until December 31,
2009; (b) for the calendar year 2006, Mr. Lacey will be entitled to receive an annual
base salary of $500,000 and for the calendar year 2007,
Mr. Lacey will be entitled to receive an annual base salary of $550,000; (c) for
each of the calendar years 2008 and 2009, Mr. Lacey will be entitled to receive an annual base salary of $600,000; and (d) Mr. Lacey 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 in an amount, if any, to be
determined in the sole discretion of the Compensation Committee in conjunction with the
Chief Executive Officer of 4Kids. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The definitive amendment described
above is furnished as exhibit 99.1 to this Report and incorporated by reference herein.
The preceding description of this 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>




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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;(c)
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 dated as of October 16, 2006 to the Employment Agreement among 4Kids Entertainment Licensing, Inc., 4Kids Entertainment, Inc. and Brian Lacey. </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;November 1, 2006 </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/
Bruce R. Foster </I></U><BR><BR>
Bruce R. Foster<BR>Executive Vice President, Chief Financial Officer</FONT></TD>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>
Exhibit Index</U></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 dated as of October 16, 2006 to the Employment Agreement among 4Kids Entertainment Licensing, Inc., 4Kids Entertainment, Inc. and Brian Lacey.</FONT></TD>
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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):
October 26, 2006
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 1.01. Entry into a
Material Definitive Agreement.
On October 26, 2006, 4Kids Entertainment Licensing,
Inc. ("4KEL"), a subsidiary of 4Kids Entertainment, Inc. ("4Kids or the
"Company") and Brian Lacey signed an amendment to the employment
agreement dated as of October 16, 2006, pertaining to Mr. Lacey's service as Executive Vice President, International (the
"Lacey Amendment").
Under the terms of the Lacey
Amendment: (a) Mr. Lacey's employment with 4KEL will continue until December 31,
2009; (b) for the calendar year 2006, Mr. Lacey will be entitled to receive an annual
base salary of $500,000 and for the calendar year 2007,
Mr. Lacey will be entitled to receive an annual base salary of $550,000; (c) for
each of the calendar years 2008 and 2009, Mr. Lacey will be entitled to receive an annual base salary of $600,000; and (d) Mr. Lacey 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 in an amount, if any, to be
determined in the sole discretion of the Compensation Committee in conjunction with the
Chief Executive Officer of 4Kids.
The definitive amendment described
above is furnished as exhibit 99.1 to this Report and incorporated by reference herein.
The preceding description of this amendment is summary in nature and does not purport to
be complete. This summary should be read in connection with the exhibit hereto.
(c)
Exhibits
Exhibit
Description
99.1
Amendment dated as of October 16, 2006 to the Employment Agreement among 4Kids Entertainment Licensing, Inc., 4Kids Entertainment, Inc. and Brian Lacey.
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:  November 1, 2006
4KIDS ENTERTAINMENT, INC.
BY:
/s/
Bruce R. Foster
Bruce R. Foster
Executive Vice President, Chief Financial Officer
Exhibit Index
Exhibit
Description
99.1
Amendment dated as of October 16, 2006 to the Employment Agreement among 4Kids Entertainment Licensing, Inc., 4Kids Entertainment, Inc. and Brian Lacey.