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 IDW
Entertainment, the company behind Locke & Key and the licensed properties such
as Transformers, Ghostbusters and Teenage Mutant Ninja Turtles, has reported
huge financial losses in 2019. In the companies fourth quarter and full fiscal
year report IDW Chairman and CEO Howard Jonas remarked, "In the fourth quarter
of fiscal 2019, revenue was boosted by delivery of V Wars and the majority of
the October Faction episodes to Netflix, while the legacy production finance
agreements utilized for these shows and production cost overages resulted in
significant losses. The remaining impact of these legacy deals will be
recognized in the first quarter fiscal 2020 results reflecting the delivery of
the balance of October Faction episodes to Netflix. Looking ahead, IDW
Entertainment is delivering season one of Locke & Key to Netflix and we expect
that it will contribute to our bottom line in the first half of fiscal 2020."
IDW lost $ 26.4 million in 2019 but Jonas thinks the TV deals as well as
possible revenue from merchandising, games, video on demand, and other fan
driven channels should put them in the black by 2021. One possible source of
revenue could come if IDW decides to list the company on a national stock
exchange.
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