Investors who may be scouring the media sector for stocks currently have a lot of options, and one of the companies that could well be worth looking into at this point is IDW Media Holdings Inc. (OTC:IDWM). On April 5, the company had come into the news cycle; after that, there had been a reduction in its workforce by five employees, and that made up as much as 9.4% of its workforce at the time.
In the news release, IDW Media Holdings announced that it had made the move in order to optimize its organizational frameworks, match skill sets, enhance performance and work product, and reduce costs. The company noted that the employees in question had been apprised of the reduction in workforce on April 4, 2024, and the process had been concluded on the same day.
The company also provided key details about the cost of reducing its workforce. IDW Media Holdings revealed that the cut in workforce would result in costs in the range of $70,000 to $125,000 and would be reflected in the second fiscal quarter financial results for 2024. The costs would include around $64,000 in paid time off and accrued salary, a maximum of $50,000 in severance benefits, and around $7500 in legal fees.
However, it was also announced that there were certain factors beyond the control of the company that could lead to more expenses in many of the above-mentioned categories. In light of the latest announcement and potential interest in the stock from investors, it may be a good move to get a better idea of IDW Media Holdings as a company. It operates as an integrated media company and is known for providing compelling characters and stories meant for worldwide audiences. It could be a good time to keep an eye on the stock.
