IDW Publishing, former publisher of the longest run of Transformers comics, has laid off 39% of its workforce and completely eliminated its PR and marketing teams as well as half of its editorial staff. It has also delisted itself from the New York Stock Exchange. All of this comes after its first quarter performance for 2023 was 44% lower than its first quarter performance in 2022 due to IDW Entertainment, the franchising branch of IDW reporting no “meaningful revenue” from ite endeavors, which include Netflix series Wynona Earp and Locke & Key. The company reports that it is restructuring and making this move to “preserve capital, and put the Company in the strongest position possible to unlock value from its assets, including its intellectual property and ability to generate new intellectual property”.
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Source: Gizmodo