Funko, less than a year after acquiring high-end collectibles brand Mondo, has divested Mondo’s movie-poster business and let go of several employees — including Mondo co-founders Mitch Putnam and Rob Jones. , different confirmed.
Mondo, based in Austin, Texas, was founded in 2001 and was previously a subsidiary of indie theater chain Alamo Drafthouse before Funko’s deal to buy it last year for $14 million. Mondo has gained a strong following for its limited edition screen printed movie posters. Notable artists who have worked with Mondo on its posters include Olly Moss, Shepard Fairey, Ken Taylor and Kevin Tong. Sources say Mondo’s vinyl records and collectibles businesses are exempt.
In addition to Putnam and Jones, Mondo’s senior creative director Eric Garza was also fired.
In response to the news, actor Elijah Wood tweeted, “This is truly terrible news. I am in shock. What are you doing @OriginalFunko?”
Artist Daniel Danger said in a tweet“Funko has effectively defeated MONDO by firing the creative old guard of Rob Jones, Mitch Putnam, and Eric Garza and others into a mockery and sheer idiocracy. End of an era, but I’m with them for whatever they want to do next, and I think every Mondo artist will follow suit.
Reps for Funko did not respond to requests for comment. The news was first reported by TheWrap.
Earlier this month, at the announced fourth quarter 2022 earnings, Funko CEO Brian Mariotti said that the company plans to cut the total number by about 10%. At the end of last year, Funko had 1,466 full-time employees.
Mondo had about 30 full-time employees when Funko acquired the company. Per Funko regulatory filings, it paid $14 million in cash for Mondo. Funko said it intended to run Mondo the way it ran Loungefly, the clothing and accessories brand it acquired in 2017, with the idea that it would integrate Mondo into common back-end functions when can be.
“Mondo’s devoted fanbase and high-end pop culture collectibles make it a perfect complement to Funko’s new portfolio of brands,” Funko’s Andrew Perlmutter, former CEO and now president, said at the announcement. the deal. “By leveraging our international distribution and licensing network, we feel well positioned to accelerate the growth of the Mondo brand.”
In 2022, Peter Chernin’s Chernin Group led a consortium of investors including Bob Iger who paid $263 million to acquire a 25% stake in Funko.
