LOS ANGELES, CA and NEWARK, NJ – April 5, 2024: IDW Media Holdings, Inc., (the “Company” or “IDW”) (OTCQB: IDWM), an integrated media company, announced today a reduction in force with respect to five employees (including Amber Huerta, the Company’s Chief Operating Officer) or 9.4% of its current workforce. The Company has elected to take these actions based upon organization optimization and needs, skill set match, work product, performance, and reduction of costs. On April 4, 2024, the Company notified the relevant employees of this reduction in force, which was expected to be completed on the same day.
The reduction in force is currently expected to result in severance and related costs of between $70,000 to $125,000, to be recognized in the second quarter of fiscal 2024, including approximately $64,000 in accrued salary and paid time off, approximately $7,500 in legal fees, and up to $50,000 in severance benefits. Depending on a number of factors, some of which are outside the Company’s control, the Company may incur additional expenses in several of the above categories in connection with the reduction in force.
About IDW Media Holdings:
IDW (OTCQB: IDWM) is an integrated media company providing compelling stories and characters for global audiences. Our IDW Publishing and IDW Entertainment businesses acquire and license IP for holistic franchise development across comics and graphic novels, television and other entertainment platforms and leverage established stories from our creative partners.
Forward-Looking Statements:
In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate, “target” and similar expressions, are forward-looking statements. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our Annual Report for the fiscal year ended October 31, 2023 (under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), and subsequent reports that we have made available. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
Company Contact:
Davidi Jonas
IDW Media Holdings, Inc.