Today, IDW has announced plans to cut 39% of its staff and delist itself from the New York Stock Exchange, as reported by Yahoo Finance. While an IDW Media Holdings investor report highlights the “approximately $4.4 million in annual savings,” this decision follows significant reported losses this year of $335,000. ICV2 notes that book channel sales were up in the company’s Q1 2023 financial reports, including those from the Sonic series and TMNT: The Last Ronin; however, major drops hit the company from their games division and streaming series.
As part of big shake-up, IDW’s Board of Directors has moved Davidi Jonas, previously Board Vice Chairman (and son of the Board Chairman), to CEO, and Amber Huerta, Senior VP of People and Organizational Development, to COO.
At this time, we do not have any specific information regarding how this may impact IDW’s Sonic the Hedgehog series, nor have we heard any reports of its staff being part of the 39% cut. With the series being one of IDW’s bigger successes, and SEGA continuing to collaborate with IDW writers and artists on non-IDW projects, it’s unlikely that Sonic himself will be on the chopping block. That said, executive shifts and deep staff cuts still have the potential to directly or indirectly impact the series.
We extend sympathies to all whose job was hit by these cuts.