Diamond Cancels All Orders From Marvel, Boom, Dark Horse, IDW & More

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Diamond Cancels All Orders From Marvel, Boom, Dark Horse, IDW & More

Posted in: Boom, Comics, Comics Publishers, Current News, Dark Horse Comics, IDW, Marvel Comics, Tokyopop | Tagged: diamond, Penguin Random House

Diamond Comics cancels all orders from Marvel, Boom, Dark Horse, IDW, Dstlry, Kodansha, Seven Seas, TokyoPop, Webtoons and more

Diamond Comic Distributors has issued a statement to comic book retailers. It follows Penguin Random House stating that they were cancelling all Diamond third-party subdistribution from their exclusive comic book publishers. Diamond has confirmed the news, but also how wide-ranging it is and how many publishers were PRH exclusive and now no longer available at all through Diamond and its new owner, Ad Populum. They state, “As a follow-up to our May 23 communication, we want to provide an important update regarding orders for Penguin Random House (PRH) titles. We are canceling all open PRH orders for product with an on-sale date after June 25. ” This includes titles from the following publishers, but does not affect Diamond UK, with whom Penguin Random House continue to work.

BOOM! Studios
Dark Horse Comics
IDW Publishing
Marvel Comics
DSTLRY Media
Ghost Ship
Golden Books
Inklore
Kodansha
Marvel Press
New York Review
Random House Worlds
Seven Seas Airship
Seven Seas Entertainment
Square Enix
Tokyopop
Vertical
Webtoons Unscrolled

They conclude saying “We continue to work with publishers to address the disruption and will share additional guidance as it becomes available. Thank you for your understanding and partnership.” I have to say that “the disruption” is rather underplaying it, like, The Event. Remain indoors.

Diamond logo

You can use these Diamond, Ad Populum, Penguin Random House, Massive, Lunar and bankruptcy tags to keep up with the latest on Bleeding Cool. Here’s a timeline if you want to catch up…

On the announcement of Chapter 11 on the 14th of January, Diamond started a 13-week bankruptcy process run by financial firm Raymond James, got financing to operate, and announced an auction for its assets.
Those assets included Diamond Comic Distribution, Alliance Gaming Distribution, Diamond Select Toys, CGA and Diamond UK
Universal Distribution was named the Stalking Horse bidder for Alliance Games and Diamond UK, which required a purchase commitment of thirty-nine million dollars, but with certain discounts and privileges for taking that position.
The auction took place, and it went late. There was food and breakfast billed for.
And Alliance Entertainment, or AENT, was named the top bidder for the assets of $72,245,000, though not for Diamond UK. This was widely announced, including by Diamond themselves.
Then we learned that a joint bid by Universal Distribution and Ad Populum came second and was named the back-up bid, with a bid of $69,130,000. With Universal getting Alliance and Diamond UK, and Ad Populum getting Diamond Comics, Diamond Select Toys and everything else. Basic Fun was third with fifty million.
A court hearing with the Honorable Judge Rice in Courtroom 9-D at the United States Bankruptcy Court for the District of Maryland at 10 am was intended to ensure the legality of the bid and the process.
But instead, over that weekend, the debtors declared that they had chosen the back-up bid from Universal and Ad Populum instead of AENT, despite AENT having bid more. No reason was given.
AENT filed a lawsuit regarding this decision.
It took the bankruptcy court to reverse that decision and state that AENT, with the higher bid, had won, though they would have to withdraw their lawsuit.
AENT has terminated their winning bid and purchase.
Universal Distribution and Ad Populum were back in the running
Diamond declared “business as usual” but the courts threatened Chapter 7 over late paperwork.
AENT sued Diamond, claiming fraud
Diamond says it’s all in hand and went back to court, wanting to be owned by Universal and Ad Populum.
Sale of Diamond to Universal and Ad Populum was approved by the courts.
Though Ad Populum paid more than we thought.
Podcast blamed/credited with the current state of affairs
Diamond tells Skyrush to stop claiming they won CGA.
As part of court filings, Diamond released details for every comic store on account.
We have some finality.
Ad Populum and Universal Distribution officially acquire Diamond and related assets.
The layoffs have begun.
And continue.
Diamond Select Toys has closed
Diamond try and reassure retailers over ComicSuite
Courts withdraw Chapter 7 bankruptcy threat
We look at the future of Diamond Previews again
PRH pulls out of Diamond entirely
Well, not entirely, the UK can stay.
Hermes Press says Diamond doesn’t want to distribute their comics anymore… or anyone’s.
But Diamond pushes back on that, as they publish a new Previews.
And they assure comic book stores that everything is going to be fine. Honest.
Then send a letter to publishers which looks like it isn’t
Now they are looking for more money and longer to pay it back.
Dynamite would like half a million now, please.
Udon and Manga Classic have now cancelled all Diamond orders.
Then so did Drem Productions
And PRH starts to close their special retailer joining offer
Diamond gets a fourth wave of funding and deadlines.
Philbo Distribution launches.
Alliance Entertainment hire five senior Diamond staffers.
Universal Distribution rumoured to be hiring Diamond staffers to enter the US market.
Massive Distribution expands within Lunar

“}]] Diamond Comics cancels all orders from Marvel, Boom, Dark Horse, IDW, Dstlry, Kodansha, Seven Seas, TokyoPop, Webtoons and more  Read More