It’s been a month of dramatic twists worthy of the best comic book arc, but the US Bankruptcy Court for the District of Maryland has approved the sale of Diamond Comic Distributors to Universal Distribution and Ad Populum for a combined bid of US$57 million. 

This announcement comes hot on the heels of Alliance Entertainment, which won the initial auction to purchase Diamond’s assets in March, terminating its US$72-million acquisition deal with the iconic graphic novel distributor on April 25. Alliance has since filed its second lawsuit against Diamond in the last 30 days, claiming that Diamond committed fraud by concealing the fact that its distribution contract with Wizards of the Coast (worth roughly US$39.9 million in annual sales) would end after the acquisition deal closed. 

Under a new agreement with Diamond’s initial stalking-horse bidders, Universal will buy hobby gaming subsidiary Alliance Game Distributors for US$49.6 million, while Ad Populum absorbs Diamond Book Distributors, Diamond Select Toys & Collectibles and the Collectible Grading Authority for US$7.5 million. The only asset left up in the air is Diamond UK, which is not included in this sale process. 

While the deal has yet to close, Universal president and CEO Angelo Exarhakos says this acquisition is a pivotal opportunity for the studio to expand its US market operations. Likewise, Ad Populum MD Joel Weinshanker will leverage Diamond’s platform and legacy to bolster his company’s sales, marketing and distribution strategies.