Before founding THQ in the late '80s, Friedman held a position at LJN Toys, helping to develop licensed toys for major motion pictures (E.T., among others). When the company was purchased by MCA in 1985, Friedman moved on and eventually founded "Toy Headquarters" (THQ) with $1 million of his own startup capital. Jakks Pacific CEO Stephen Berman said of his company's founder and former CEO, " Jack was a legendary toymaker and a real titan in our industry. He dedicated his talents to Jakks Pacific for 15 years, and he will be sorely missed. On behalf of all Jakks employees, we send our sincere condolences to his wife Karen and his children for their loss."