IDW Publishing Undergoes Major Cost-Cutting

IDW Publishing, one of the largest comic book companies in the US, is cutting costs and eliminating over a third of its workforce. It is also de-listing its publicly traded stock from the stock exchange. The company is undergoing changes in its leadership roles, with David Jonas replacing the current CEO, Allan Grafman. The company’s CFO is out, while Amber Huerta is the new COO. IDW Publishing’s comic book revenues took a hit in the first quarter of 2023, with a loss after turning a profit in the final quarter of 2022. The biggest change for the company was the end of Locke and Key at Netflix, resulting in IDW Entertainment going from bringing in over $4 million from comic book adaptations in 2022 to essentially nothing. As a result, the company is trying to adapt more of its comic book properties into television and film projects but is struggling with that approach. One of the editors let go was Group Editor Tom Waltz, who is continuing to work for IDW as a writer/consultant on all things #TMNT. The new CEO, David Jonas, is making painful cuts to ensure the company’s survival and growth.

Source: CBR