IDW, Parent Company Of ‘Wynonna Earp’ And ‘Locke & Key’ Producer, Laying Off 39% Of Workforce And Delisting From NYSE
deadline.comIDW Media Holdings, the company that includes a prominent comics division and an entertainment division behind such series as Syfy’s Wynonna Earp, BBC America/Netflix’s Dirk Gently’s Holistic Detective Agency and Netflix’s Locke & Key, said Thursday it is undergoing cost-cutting measures including reducing its workforce by more than a third, delisting from the NYSE and making changes to senior management in response to “operational challenges.” As part of the changes, the IDW board said that Davidi Jonas, son of IDW’s chairman and chairman of the board Howard Jonas, will take over as CEO replacing Allan Grafman.
Davidi Jonas was recently elected to the board by the company’s stockholders; his family collectively owns a controlling interest in the company’s equity, IDW said.
Chief financial officer Brooke Feinstein is also departing the company. Overall, the layoffs will impact 39% of IDW’s current workforce, which the company said will eventually deliver $4.4 million in annual savings.
As a result, IDW expects to hold approximately $5.7 million cash and cash equivalents as of April 28. As for the stock, the IDW board plans to deregister its Class B common stock and delist it from the NYSE, expecting the moves to take effect by May 18.
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