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If you're a comic book reader, you might be aware that one of the largest distributors in the business, Diamond Comic Distributors, recently filed for bankruptcy. The announcement sent the comic book industry into an uproar, although the news wasn't surprising to some. Ever since the COVID-19 pandemic began, Diamond has become increasingly erratic with delivering goods on time to comic book retailers. 

Now, Alliance Entertainment Holding Corporation, a distributor and wholesaler of everything from collectibles to arcade games, music, movies, electronics, and more, has announced that it is close to acquiring many (but not all, notably) of Diamond's assets, pending court approval. If you're thinking "gee, that doesn't sound like a company from the comic book industry," you'd be correct. Because although Diamond made a name for itself as a comic book distributor, one branch of its business, Diamond Select Toys & Collectibles, is a major source of revenue for the company. Alliance estimates that, should the purchase be given court approval, it will generate an additional $200 million per year in revenue for the company.

No value has been disclosed for the bid, as yet.

It makes sense that another company would want to acquire Diamond not for its history as a major comic book distributor, but for its place in the collectible and toy market. When I worked at a comic book shop, I remember placing orders for action figures and other collectibles through Diamond, while placing orders for actual comics through a different distributor. 

It should also be noted that Alliance is hoping to beef up its presence within the world of tabletop gaming. The press release for the acquisition states that, "Alliance Game Distributors is a category leader in the fast-growing tabletop games sector, offering over 15,000 unique SKUs to 3,000+ independent hobby retailers across North America. It partners with over 150 game publishers, delivering industry staples and breakout hits in card games, board games, role-playing games (RPGs), and miniatures."

Elsewhere in its release, Alliance notes that the purchase means that it "will gain deeper access to to a highly engaged community of retailers and fans who form the backbone of the $50+ billion global market for tabletop games, collectibles, comics, and pop culture merchandise," with specific note being made of the business' relationships with Wizards of the Coast/Hasbro, Pokémon, and Bandai Namco. “This is a transformative opportunity to expand our leadership in the world of gaming and physical collectibles and deepen our reach into thriving fan-driven categories,” CEO of Alliance Entertainment Jeff Walker is quoted as saying.

Court documents describe the purchase as being of "substantially all of the Debtors’ assets including, but not limited to, Diamond Comic Distributors, Inc., Alliance Game Distributors, Collectible Grading Authority, Diamond Select Toys & Collectibles, LLC, but excluding the Debtors’ interest in Comic Exporters, Inc., Comic Holdings, Inc., and Diamond U.K. and the assets of Diamond U.K." While the list of assets not included is welcome, the earlier "including, but not limited to" leaves the assets Alliance has been selected as the top bidder somewhat vague. For example, not mentioned at all in the court documents is Free Comic Book Day, which was another of Diamond's assets up for sale.

A court ruling on whether the sale is final is due by April 10; should Alliance's purchase not go ahead, back-up bids will be considered. Should the sale be approved by the court, customers could start seeing changes in their local gaming and comic book stores within the next few months. 

Get ready for what's next with our guide to upcoming comics, how to buy comics at a comic shop, and our guide to Free Comic Book Day 2025.