Tag: Alliance Entertainment

Diamond moves closer to having a new owner

The bankruptcy court approves the bid from Universal Distribution and Ad Populum, with a final closing date still pending.

It looks like Diamond is moving ever closer to having a new owner, and — surprise! — it’s not the top bidder in their bankruptcy auction.

Alliance Entertainment, “a global distributor and wholesaler specializing in music, movies, video games, electronics, arcades, and collectibles,” won the auction, which led to a bunch of drama that I’ll recount below. But after all sorts of shenanigans — is that a legal term? — the bid from Universal Distribution LLC and holding company Ad Populum has been approved by the court.

Under the agreement, Universal will acquire Alliance Game Distributors (a different company than Alliance Entertainment; things haven’t gotten that weird), and Ad Populum will acquire Diamond Comic Distributors, Diamond Book Distributors, Diamond Select Toys & Collectibles, Collectible Grading Authority and “other related assets.” Diamond UK remains separate from this sale process, and the transaction is subject to final closing.

The press release had quotes from all three entities, with Joel Weinshanker, managing director of Ad Populum, winning with the best one:

“Ever since I was young, I’ll never forget walking through the front door of my neighborhood shop and spotting those iconic Diamond Comic boxes, each one opening to reveal my dreams and ambitions,” said Joel Weinshanker, managing director of Ad Populum. “We’re incredibly excited to build on Diamond’s remarkable legacy by bringing Ad Populum’s best-in-class sales, marketing, and distribution to the next chapter.”

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Alliance Entertainment acquires Diamond Comic Distributors + other assets in bankruptcy auction

Subject to the approval of the bankruptcy court, Alliance will purchase Diamond Comic Distributors, Alliance Game Distributors, Diamond Select Toys & Collectibles and Collectible Grading Authority.

A new player has entered the comics distribution business, as Alliance Entertainment, “a global distributor and wholesaler specializing in music, movies, video games, electronics, arcades, and collectibles,” has bought several assets in the bankruptcy auction for Diamond.

Diamond declared bankruptcy in January, which brought speculation, rumors and chaos into the comic business — well, more than usual. According to their press release, Alliance has bought four of the 12 businesses that went up for auction as part of the bankruptcy proceedings. Those businesses include Diamond Comic Distributors (U.S.), Alliance Game Distributors (no relation), Diamond Select Toys & Collectibles and Collectible Grading Authority.

“This is a transformative opportunity to expand our leadership in the world of gaming and physical collectibles and deepen our reach into thriving fan-driven categories,” said Jeff Walker, CEO of Alliance Entertainment. “With their legacy of exclusive titles, deep retail relationships, and strong presence in comics, tabletop games, and collectible merchandise, these businesses are highly complementary to our existing distribution and fulfillment model. We see powerful cross-selling potential between our product lines and customer bases, expanding the reach of our expanded product portfolio across both mass retail and specialty channels.”

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