Tag: comics distribution

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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Diamond Comics Distributors files for Chapter 11 bankruptcy

The once-dominant comics distributor is ‘looking at potential buyers for their … business units.’

Diamond Comics Distributors, which spent decades as the primary comics distributor in North America, has announced they’ve filed for “a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court.”

This means they’ve filed for protection from those they are indebted to as they reorganize their business, keeping them operational as they attempt to pay back their creditors. This is different than Chapter 7 bankruptcy, where a company goes completely under, is sold for parts and the money is used to pay back those they owe.

As a part of their restructuring, Diamond says they’ve already started negotiations to sell their Alliance Game Distributors business to Universal Distribution. It sounds like Universal could be a potential buyer for their Diamond UK business as well. They also said they’re looking at potential buyers for their other business units, including Diamond Book Distributors, Collectible Grading Authority and Diamond Select Toys, as well as their main comic, toy and collectible distribution lines.

“Diamond has been a linchpin of the comic book industry for over four decades. Our priority has always been to provide quality service to publishers, retailers, and, ultimately, comic fans, and we remain committed to finding additional buyers for our businesses,” said Diamond President Chuck Parker in the announcement.

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Comics Lowdown | Graphic Novels challenged in TX, VA, WY

Plus: The latest on the supply chain woes!

It’s almost TOO on the nose that three book challenges involving graphic novels came up during Banned Books Week, but that’s exactly what has happened.

Cover of Jerry Craft's New Kid, showing a boy looking at a school notebook

Katy, Texas: The Katy school board has canceled a virtual appearance by Jerry Craft, after an online petition claimed that his middle-grade graphic novels New Kid and Class Act promote Critical Race Theory. TV news station Click2Houston has a good overview of what happened: After a parent complained, the school district put the Zoom visit on hold and pulled the books from the library for review, per their policy; they will review the books within 15 days and are trying to reschedule the visit outside of the instructional day. Kara Yorio at School Library Journal has more details on the backstory: The petition (since removed) urged the school board to cancel Craft’s appearance, claiming that “these books … are wrought with critical race theory in the form of teaching children that their white privilege inherently comes with microaggressions which must be kept in check.” New Kid has won numerous awards and was the first graphic novel to win the Newbery Medal; both books are best-sellers.

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