One of the downsides of being a publicly traded company is having the public all up in your business. One of the upsides is being able to sell stock in your company so that people can invest in said company. But generally people only want to invest in the company when it’s doing great.
But things are looking up at IDW Media Holdings, which owns IDW Publishing and IDW Entertainment, at the moment. Q2 2019 reporting shows the company only lost $3.7 million, down from Q1 2019 reporting a loss of $4.1 million. That’s progress!
Though overall losses are down, losses from the publishing division are up.
IDW Media Holdings is hopeful going forward though, as IDW Entertainment is set to deliver both October Faction and V-Wars to Netflix in Q4. In Q1 2020, the company is also expecting to deliver Locke & Key to Netflix. Unsurprisingly absent is the inclusion of Wynonna Earp though, as the company struggled to fund both seasons four and five.
This reporting comes after ADW Capital Partners L.P., a hedge fund and owner of 9% of IDW Media Holdings wrote an open letter to IDWM Chairman Howard Jonas and the IDWM board asking them to sell the company to “maximize value of intellectual property.” IDW Media holdings was also looking to raise $25 million earlier this year to fund projects, but fell short, only raising $13.8 million
It also comes after a year of constant executive shakeups at the company, with Chris Ryall, who left last April, returning in December, replacing Greg Goldstein as President, who resigned due to a sexual harassment case. CEO Kerry McCluggage left last month after seven months in the position, replaced by Jonas. McCluggage himself replaced co-founder Ted Adams as CEO, who took a year-long sabbatical before returning to start his own imprint Clover Press with co-founder Robbie Robbins.
The full report is here.