Chairman and CEO Howard Jonas said, “We are working to extend our reach through new strategic partnerships while examining other alternatives to realize the full value of IDWM’s outstanding IP portfolio and pipelines.”
IDW Media Holdings have suffered a series of personal changes over the last couple of years. Jonas replaced Kerry McCluggage, who stepped down as CEO in March after serving for less than a year. Jonas was the board chairman and controlling stockholder.
The announcement comes shortly after a call from ADW Capital Partners early in March to sell the company. Adam Wyden, managing member of ADW said the company was in a great position to take advantage of its library of content.
“By seeking a strategic partner at this stage in the game, it should ensure that the Company can grow significantly without many of the competitive, cost of capital risks of staying a small and independent public company,” Wyden said in a letter to the board. ADW owns a 9% stake in IDW.
The IDW Games division was launched in 2014.