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ADW Capital Partners L.P. Urges IDW Media Holdings, Inc. to Pursue a Sale of the Company
ADW Capital Partners L.P. Urges IDW Media Holdings, Inc. to Pursue a Sale of the Company.
About this update from Idw Media Holdings, Inc.
[{"type":"text","content":"\n\n\n\nADW Capital Partners L.P. Urges IDW Media Holdings, Inc. to Pursue a Sale of the Company\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nADW Capital Partners L.P. Urges IDW Media Holdings, Inc. to Pursue a Sale of the Company\nPR Newswire\nNEW YORK, Dec. 8, 2015\n\n\n\nNEW YORK, Dec. 8, 2015 /PRNewswire/ -- Adam Wyden of ADW Capital Partners, L.P. (\"ADW Capital\"), a New York City based hedge fund that beneficially owns approximately 8% of IDW Media Holdings, Inc. (the \"Company\") (OTCBB: IDWM), transmitted today a letter to the board of directors (the \"Board\") and management, urging the Board to initiate a competitive sales process to sell the Company to a strategic buyer.   As one of the Company's largest shareholders, ADW Capital does not believe the Company should remain an independent public company due to the concentration and illiquidity of the Company's stock and the Company's lack of scale in an increasingly competitive market.  ADW Capital believes a sale of the Company to the right strategic buyer would not only maximize the return of value to shareholders, but also provide the Company access to capital and resources that would allow the Company to grow. \n\nFound below is the full text of Mr. Wyden's letter to the Company:\n\nDecember 8, 2015\n\nIDW Media Holdings, Inc. c/o Howard Jonas, Chairman11 Largo Drive South Stamford, CT 06907\n\nDear Board and Management of IDW Media Holdings, Inc.,\n\nI commend the Board of Directors (the \"Board\") and management on IDW Media Holdings, Inc.'s (\"IDW\" or the \"Company\") successful separation from parent company, IDT Corporation (NYSE: IDT), and the steps it has taken over the last six years to drive growth and profitability. As you know, ADW Capital Partners, L.P. and its affiliates (collectively, \"ADW Capital\") have been long term shareholders of the Company since its spin-off and have almost unilaterally approved with the capital markets and operational decisions the Company has made to date, including its self-tender offer in late 2009 and its decision to open the IDW Entertainment ...