Big changes are coming for IDW Publishing. In addition to delisting from the New York Stock Exchange, the comic book publisher’s parent company, IDW Media Holdings, is making some substantial changes to its workforce.
IDW Media Holdings, home of IDW Publishing and the entertainment division behind TV shows like Lock and key And Winona Earp, announced that it would undergo some dramatic cost-cutting measures. DW is no longer listed on the New York Stock Exchange and employs more than a third of its workforce. The company is also making changes to its senior management. IDW’s entertainment division is downsized, with most of the team let go, including division president and executive vice president Paul Davidson. Similarly, the head of the publishing division, Nachi Marsham, was let go, as was the company’s COO Brooke Feinstein. Davide Jonas, son of IDW President Howard Jonas, will also replace current CEO, Alan Grafman. The layoffs are expected to affect approximately 39% of the IDW’s employed workforce.
IDW makes cost-saving moves with radical changes
IDW Publishing is one of the largest comic book companies on the market. The publisher is known for many licensed comic adaptations of beloved franchises, such as sonic the hedgehogAnd transformersAnd Star TrekAnd Teenage Mutant Ninja Turtles. In addition to its licensed work, IDW has a number of comic book publications under its belt such as Blue Dream Studios, EA Comics, Sunday Press Books, and Top Shelf Productions. The company has also successfully adapted many of its most popular original works into television shows and feature films, such as 30 days of the nightAnd Winona EarpAnd Lock and key.
While IDW said in a press release that these measures are intended to help the company move forward, it’s a little worrying to see such a dramatic overhaul happen so quickly. Many divisions are reduced to skeleton crews or eliminated altogether. While the majority of IDW’s workforce is still around, it’s no doubt a scary time to see nearly two-fifths of the company disappear overnight. With so many quick adaptations out there, the serious question is whether IDW Publishing will be able to weather this storm.
Is IDW publishing going to be ok?
While the business has been in worse shape and has succeeded, it is difficult to view these developments optimistically. Comic book companies have a history of worst-case scenarios when dire situations arise. Not only will these cost-saving measures affect the output of international women workers working abroad, but they will almost certainly affect the morale of the remaining workforce. While there’s still a chance IDW might get out of this in the future, it’s going to be a long road and there may be more difficult decisions those running the company will have to make. Despite the drastic changes you’re going through, IDW Publishing It’s still around for the time being, and hopefully it stays that way.