Long known for popular titles, the publisher has hit some hard times
If you're a comic book reader, you know IDW.
Teenage Mutant Ninja Turtles. G.I. Joe. Locke and Key. These are just a few of their better known titles.
But the comic book industry is a tough one and like many industries that operate under the entertainment industry umbrella it is well-known that a publisher really is only as good as its last hit.
As reported earlier today in the Popverse newsletter, IDW is having to lay off about a third of its workforce and pare back expenses dramatically.
IDW Media Holdings, parent company of IDW Publishing and IDW Entertainment, has announced that it is cutting roughly 39% of its current workforce in what it’s calling “a series of significant moves in response to operational challenges to position the company for recovery and future growth.” Additionally, the company has chosen to voluntarily delist from the New York Stock Exchange, as part of the same plan.
In Graeme McMillan's article, IDW is giving itself a company "reset", starting by cutting 39% of its 80-person staff, he explains that the cost savings from the layoffs is projected to be around $4 million even though the delisting is not instantaneous and will likely lead to more short terms expenses.
For the rest of Graeme's article, CHECK HERE.
As a fan, it's never fun to see a revered publisher struggle, especially because of the impact the firings will have on staff as well as the creatives behind the titles, but also because of the impact it will likely have at your local comic shop. Fewer titles inevitably means fewer fans and fewer fans always leads to fewer outlets for comics.
IDW Publishing is a comic book and graphic novel publisher based in San Diego, California. It was founded in 1999 by Ted Adams, Alex Garner, Kris Oprisko, and Robbie Robbins. IDW Publishing is known for publishing a wide range of licensed and original comic book properties, including popular franchises such as Teenage Mutant Ninja Turtles, Transformers, and Star Trek, as well as creator-owned series like Locke & Key and 30 Days of Night. In addition to comics, IDW Publishing has also expanded into other areas, such as art books, novels, and board games.