With the flurry of news last week over the Manga Pilot contracts, many wondered exactly how well Tokyopop was faring. Now, IcV2 reports that the company will spin off its “comics-to-film” and digital units to a new company, to be named Tokyopop Media LLC:
Publishing production will be reduced by roughly 50% through the rest of the year, reducing output to roughly 200-225 titles per year from a planned total of over 500 titles. Tokyopop CEO and Chief Creative Officer of the Tokyopop Group, Stuart Levy, explained the reasons for the reduction in output. “The time is now for us to focus our publishing business to overcome current market challenges. Few releases will allow for less cannibalization at retail.”
The company is reducing its workforce by 39 positions in connection with the changes. “We must adjust our overhead to properly execute this new business plan,” Levy said. “We are doing it with a heavy heart,” he continued. “It involves saying goodbye to 39 of the most talented, creative and compassionate people I’ve ever known.”
In addition, several executive positions will be restructured. It’s too early for me to say what this means for the company or what titles will exactly be cut, but feel free to speculate in the comments below.