Updated with complete Dark Horse statement:

In shocking – yet not surprising news – we’re hearing that Mike Richardson, founder and publisher of Dark Horse Comics, has been removed from his position at the company. 

The move is not a surprise because Dark Horse parent company Embracer Group has been in financial distress for a few years now, with many layoffs and closures across its portfolio of companies. In a statement that went out to business partners and creators obtained by Popverse, from Dark Horse vice president of product development and sales, Randy Lahrman, the move was explained as a way for

“changes to modernize the business and strengthen collaboration across publishing, games, film, merchandise, and other key areas.” The statement, sent by Dark Horse’s vice president of product development and sales, Randy Lahrman, stresses this leadership change was done in order to “better align Dark Horse within a more connected and forward-looking group structure” within Embracer.

“Our goal is simple: to ensure Dark Horse is positioned for sustained success while continuing to serve creators, partners, and fans at the highest level,” writes Lahrman. 

Jay Komas, head of The Middle Earth Group – the Embracer division where Dark Horse was located – will take over as interim CEO to run the publisher in the short term. 

Although seeing the head of a company depart after an acquisition is not a surprise, Richardson’s exit is still a shock because he is one of the foundational publishers of the modern comics era. Everything Dark Horse has done – and it is a LOT – are a reflection of Richardson’s vision and management. Just a few of them: Dark Horse supported some of the most important creator-owned titles – including Hellboy and Sin City, and recently the Black Hammer universe. Dark Horse also got into publishing manga way before any MOST other American publishers*** (BUT SEE BELOW.) Richardson pioneered the comics-to-media pipeline by getting producer credits on Time Cop, The Mask and many more films – seriously, check out his IMDB page. Dark Horse set a standard for licensed titles with their long running Star Wars and Terminator lines, and later on Avatar, The Last Airbender, and many more titles. Dark Horse got into retail and high end collectibles and digital comics early and often. 

Just recently, at ComicsPRO, Dark Horse made several strong announcements, including taking on Terry Moore’s Abstract Studios and Jonathan Hickman’s 3 Worlds/3 Moons, and some new retailer programs. It seemed like they were ramping up again.

Not everything was directly spearheaded by Richardson – scores of incredibly talented Dark Horse employees and creators all had a lot to do with this – and there were flops – R.I.P.D. and Barb Wire anyone? It wasn’t a perfect run – every ex-employee has their own tale to tell, and there were public scandals – but it lasted for 40 years. There is no denying that Dark Horse has had an incredible legacy under Richardson. 

The Embracer Group purchased Dark Horse for an undisclosed amount back in 2022. At the time the Swedish gaming company was on a spending spree, buoyed by a $1 billion investment from  the Saudi Arabian investment company Savvy Games Group. But almost immediately, another $2 billion investment failed to materialize, and Embracer began a years long restructuring. 

In 2024, they split into three divisions, with Dark Horse joining  the “Middle Earth Group” consisting of various game developers and IP including Lord of the Rings and Tomb Raider. Since then it’s been more turmoil and restructuring. 

Dark Horse remained mostly insulated from the turmoil, at least publicly, although last year they shut down their Things From Another World online store, and their boutique digital comics service also was sunsetted. There were also quiet cancellations of projects and a smattering of layoffs, although nothing that broke the news cycle. 

However, things seemed to begin to unravel more last fall when VP of Marketing Cara O’Neil was let go. Although the move didn’t make headlines, it surprised observers, as O’Neil was considered one of the pillars of the company. 

And now the original pillar is gone. 

I’m sure Richardson was a smart enough executive to know that the minute he sold the company, the clock was winding down on his own time as publisher. That he lasted as long as he did after the sale is actually pretty remarkable. 

And what is to become of Dark Horse? The publisher has largely been spared the massive layoffs that hit other Embracer-owned companies, but I’m fearful that that will change and soon. We’ll have more as this developing story unfolds. 

Komas was general manager and head of franchise development for Middle-earth Enterprises for two years and previously at Google, LucasArts, Activision Blizzard, and EA, making him a perfect interim CEO for the modern era.

“Jay brings extensive experience with global intellectual properties across games, film, and consumer products,” writes Lahrman. “Over the course of his career, he has held senior leadership roles at Electronic Arts, Activision Blizzard, and LucasArts, where he worked with some of the most recognized entertainment brands in the world. His background in managing and expanding IP across multiple categories will be instrumental as we build on Dark Horse’s legacy and strengthen its position in an increasingly connected entertainment landscape.”

Whatever happens, we have truly reached the end of an era. Richardson co-founded Dark Horse in the late 80s just as Watchmen and Teenage Mutant Ninja Turtle and Frank Miller were changing the industry forever, and that spirit stayed with it. Through bust and boom, Dark Horse carried on its mission of putting out high quality books and products while giving creators fair deals. 

But we’ve reached a new era, the one of holding companies and media rights. Whatever happens next at Dark Horse will be very much in the spirit of those times. 

I was recently offered a retrospective interview with Richardson, with the timing to be determined. I hope I still get to do it.

Update: The complete statement from Dark Horse:

As part of our long-term vision to better align Dark Horse within a more connected and forward-looking group structure, we are implementing changes to modernize the business and strengthen collaboration across publishing, games, film, merchandise, and other key areas. Our goal is simple: to ensure Dark Horse is positioned for sustained success while continuing to serve creators, partners, and fans at the highest level.
With this in mind, Jay Komas has stepped into the role of Interim CEO at Dark Horse. Jay brings extensive experience with global intellectual properties across games, film, and consumer products. Over the course of his career, he has held senior leadership roles at Electronic Arts, Activision Blizzard, and LucasArts, where he worked with some of the most recognized entertainment brands in the world. His background in managing and expanding IP across multiple categories will be instrumental as we build on Dark Horse’s legacy and strengthen its position in an increasingly connected entertainment landscape.
Please be assured that Dark Horse remains fully committed to working closely with you and to creating the very best products and experiences for fans worldwide. Our partnerships are central to everything we do, and this transition is designed to enhance collaboration, unlock new opportunities, and support long- term growth together.
In closing, it is important to recognize Mike Richardson’s extraordinary contribution to Dark Horse and the broader comics and entertainment industry. Without his dedication, vision and creative leadership, Dark Horse would not be the company it is today. His impact on creators, stories and fans over the decades has been profound, and we are deeply grateful for the foundation he built.
We look forward to continuing our work together and to sharing more about our plans in the coming months.

***Second update and clarification: I got a lot of corrections about Dark Horse being the “first” American publisher to jump into manga – it was pointed out that First Comics and Eclipse Comics (as well as Viz, then privately owned) were all publishing manga before Dark Horse. Pioneer Toren Smith brought his Studio Proteus imprint to Dark Horse after it left Eclipse. They also published Godzilla comics early on. Although the timeline is more complex than my quick survey indicated, it does stand that Dark Horse got into manga very early on, and stuck with it until the present day, and remains a force in the category with books like Berserk and Appleseed. Some more history and context in this twitter thread.  

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10 COMMENTS

  2. Everytime a company gets outside funding this is the inevitable result. Did he somehow think he was exempt from this?

  4. “His background in managing and expanding IP across multiple categories will be instrumental as we build on Dark Horse’s legacy and strengthen its position in an increasingly connected entertainment landscape.”

    The press release says it all without saying it. Feels like DH is about to fully become Middle Earth’s hopeful IP farm so they can try and burn down their debt through movies, games, etc.

    VC and mega corporations have ruined comics and this feels like one of the last pockets where comics were still mainly about being comics. Now we appear to have yet another hopeful VC testing ground for creating the next movie/streaming property era we seem to be almost exclusively in now.

    Instead of a fresh unknown start up we instead get it dressed up with DH legacy to buy legitimacy. It may not, hopefully, turn out that way but the next 3 – 6 months of creator/publishing staff departures and announced series will likely tell the tale as old contracts come to an end.

    Forget Golden Age, Silver, etc. We should call the age of the comics medium starting from around 2015 as the Streaming Age.

  5. I can see your point with regard to something like Berger Books, and whether that would continue to be a priority for Dark Horse.

    On the other hand, do you not think Richardson would love it if they could get a darker, grittier reboot of The Mask, or a Hellboy TV show off the ground? After all, Dark Horse has a first-look deal with Netflix.

  6. Yeah, Richardson has always had one foot in the Hollywood scene, hence DHE. Let’s not pretend that IP farming wasn’t part of the equation.

  7. “However, things seemed to begin to unravel more last fall when VP of Marketing Cara O’Neil was let go. Although the move didn’t make headlines, it surprised observers, as O’Neil was considered one of the pillars of the company.”

    This (possibly unintentionally) reads that Embracer was responsible for this and was an early sign of them cleaning house but it was Richardson who unilaterally let her go.

  8. Good article, Heidi, and I love the statement that every former employee has a tale to tell. Don’t forget Dark Horse was one of the first comics publishers to engage with he book and library markets.

  9. I was lucky, extremely lucky, along with my partner Erika Alexander, to have been discovered and nurtured and published by Mike Richardson with our creator-owned Concrete Park graphic novel series. We had never so much as written a line or drawn a panel before in the world of comics, certainly not for the big two. But he saw our work and when we met he said one simple thing: “I believe in your talent and I’d like to publish this.” He was as good as his word, and his word was a lock. We had a fantastic experience with Mike and his entire Dark Horse team, from the folks who ran their booth at cons to their production people and particularly with our great editor Philip Simon. I say all this to say we believe we could not have had a better publishing experience anywhere. Mike is one of a kind and a man who truly loves the medium. We admire him tremendously and wish him and his family well in the future.

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