Latest updates on Diamond/Alliance; Marvel Chairs; Image objects

Yesterday, March 26th was a heck of a day. Unfortunately I am about to hop on a place to go to WonderCon so lengthy thoughts will have to wait. 

§ Marvel Studios kept people looking at a bunch of chairs for more than four hours. I was not able to partake in the chair watching because I was very busy, however the Beat staff set an all time record for messages on the Beat Slack, suggesting that there was some degree of excitement over who will appear in Avengers Doomsday. My faves: Winston Duke as M’Baku and the return of Channing Tatum as Gambit. He made a name for himself! 

§ In more serious matters, Image Comics has thrown a spanner in the works Alliance’s acquisition of Diamond’s assets. They have objected to the assignment of their contract with Diamond for sub-distribution to the new owners. 

It’s an interesting filing with Image’s actual contract attached, but because this is a round-up I’ll save details for later. However the payoff clause seems to be this:

(b) In addition to the termination rights set forth in Section 2.2(a), above, Image shall have the right to terminate the Agreement upon 90-days’ written notice to Diamond in the event of a “Change in Control” (as hereinafter defined) of Diamond, provided that Image gives such notice to Diamond during the 90-day period following the date on which Image obtains actual knowledge that Diamond shall have undergone a Change in Control. As used herein, “Change in Control” shall mean (A) the combination of Diamond with another unaffiliated entity by means of any transaction or series of transactions (including, without limitation, any reorganization, merger or consolidation); or (B) a sale of all or substantially all of the assets of Diamond, unless Diamond’s shareholders of record, as constituted immediately prior to such combination or sale, will, immediately after such combination or sale (by virtue of securities issued as consideration for Diamond’s acquisition or sale or otherwise) hold at least 50% of the voting power of the surviving or acquiring entity.

Image is also seeking to clarify the amount of money that Diamond owes them.  While lengthy analysis will have to wait, I will point out that Image would have filed this no matter who bought Diamond – and other publishers, vendors and licensees may have similar opt-out clauses should Diamond change hands. Which they have. 

§ ICv2 has a profile of Alliance Entertainment that’s much more factual and finance-forward than mine and it’s quite an interesting read. 

§ There was a bit of online reaction to Alliance Executive Chairman Bruce Ogilvie’s comments from comics folks. The seeming end of Free Comic Book Day as we know it, among other things, led to a generally gloomy reading of the tea leaves. 

§ Michael Dolce of Dren Productions was the other person who tried to attend the Diamond auction, and his report is quite entertaining…and has even more about that coffee machine. 

§ After word of Alliance’s winning bid came out, a knowledgeable source who worked with them on the music side told me that in working with them “they’ve always paid on time and been very responsive and trustworthy.” Also, they are used to shipping vinyl, an item whose collectors insistence on mint condition makes comics collectors look like bears rolling in a pigpen. So if they do end up selling comics, they will at least pack them well.