Tokyopop to Restructure

posted on by Christopher Macdonald
Company to be split into two; 39 employees to be laid off

Tokyopop has announced what it calls a "progressive reorganization" that will see the manga publisher split into two companies. TokyoPop Inc. will continue the company's publishing activities, while newly formed Tokyopop Media LLC will take over the "new media" or digital aspects of the business, as well as the comics-to-film aspect. Both companies will be part of the Tokyopop Group.

Tokyopop CEO Stu Levy will be CEO and "Chief Creative Officer" of the Tokyopop Group and will also be in charge of Tokyopop Media. John Parker will be COO and President of the Tokyopop Group and Publisher at TokyoPop Inc., with company veteran Marco Pavia joining him at TokyoPop Inc. as associate publisher. Current Tokyopop publisher Mike Kiley will be move to a "key senior executive role" at Tokyopop Media, reporting to Levy.

Along with the reorganization, Tokyopop will cut 39 positions across the company. No details about where these cuts will be made have been announced.

Tokyopop informed ANN that, due to current market challenges, TokyoPop Inc. will be scaling back its publishing activities, from about 470 volumes a year to 225-240 volumes a year. Levy explains that, "Fewer releases will allow for less cannibalization at retail."

Parker added, "My next focus will be on increasing profitability by significantly reducing our annual output [and] focusing on the most successful continuing series and most promising new titles."

This article has a follow-up: Tokyopop to Restructure - Update (2008-06-04 23:58)
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