Tokyopop announced today that it is restructuring, splitting off its film and digital units into a separate company. ICv2 has the 411:
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.”
39 positions are being cut, and some execs are being reshuffled:
Executive changes accompany the restructuring. Group President and COO John Parker will take over as Publisher at Tokyopop, Inc. Marco Pavia, previously Director of Marketing, has been promoted to Associate Publisher.
Mike Kiley, who has been serving as Publisher at Tokyopop Inc., will take over as the key senior executive in Tokyopop Media, reporting to Levy.
I’ll update as more news comes in. Feel free to post your thoughts in comments.
UPDATE: Calvin Reid has a report up at Publishers Weekly.