IDW's stocks delisted from NYSE as they lay off more of their staff
IDW Publishing's been suffering quite a few losses in the past number of years due to their own wokeness, and as Deadline Hollywood reports, they're now losing value on the stock market, and shedding more employees:
IDW Media Holdings, the company that includes a prominent comics division and an entertainment division behind such series as Syfy’s Wynonna Earp, BBC America/Netflix’s Dirk Gently’s Holistic Detective Agency and Netflix’s Locke & Key, said Thursday it is undergoing cost-cutting measures including reducing its workforce by more than a third, delisting from the NYSE and making changes to senior management in response to “operational challenges.”They claim it'll help them recover, but seeing how they lost licenses to publish comics based on GI Joe and Transformers (and adaptations of merchandise took up a considerable amount of their publishing slate), and have damaged their brand with wokeness to boot, that's why, unless they're willing to turn around and be less PC, their chances of recovery are very thin. In fact, when you have too much licensed merchandise as a way of running a business, that's why the company is hardly a loss. A similar argument could be made for how they did business with woke Netflix.
Leaving are Paul Davidson, EVP and head of IDW Media’s entertainment division, along with the majority of the entertainment team, as well as the head of publishing, Nachie Marsham, Deadline has learned. [...]
Overall, the layoffs will impact 39% of IDW’s current workforce, which the company said will eventually deliver $4.4 million in annual savings.[...]
As for the stock, the IDW board plans to deregister its Class B common stock and delist it from the NYSE, expecting the moves to take effect by May 18. The company said it “intends to file an application for its Class B common stock to be quoted on the OTCQB platform as soon as practicable.”
Labels: indie publishers, licensed products, sales
