Alliance Entertainment has purchased the majority of Diamond Comic Distributors assets in the bankruptcy auction.
Diamond Comic Distributors, the former monopolistic distributor of comics to direct-sale stores, filed for Chapter 11 bankruptcy in January. The auction for the company’s assets kicked off on Monday, and ended up extending into an unexpected second day. The auction has now come to a close and Alliance Entertainment emerged as the new owners of the majority of Diamond’s related businesses.
For now, it appears Diamond will continue in some form, but more details are expected in the coming days.
Alliance Entertainment Wins Bid to Acquire Key Assets from Diamond Comic Distributors
Acquisition will add iconic comic and game brands, unlocks cross-selling synergies across mass retail and specialty channels, and strengthens position in fan-driven collectibles market
Acquired assets expected to generate over $200 million in revenue and over $10 million in EBITDA in FY2026
PLANTATION, Fla., March 25, 2025 (GLOBE NEWSWIRE) — Alliance Entertainment Holding Corporation (Nasdaq: AENT), a global distributor and wholesaler specializing in music, movies, video games, electronics, arcades, and collectibles, today announced that it has been selected as the winning bidder to acquire substantially all of the assets of Diamond Comic Distributors, Inc., currently being sold through a court-supervised bankruptcy process. The proposed acquisition, which is subject to Bankruptcy Court approval, includes Diamond Comic Distributors (U.S.), Alliance Game Distributors, Diamond Select Toys & Collectibles, and Collectible Grading Authority, which collectively represent a 42-year-old enterprise recognized as a category-defining leader in comic books, tabletop games, pop-culture merchandise, and collectible grading.
“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,” said Jeff Walker, CEO of Alliance Entertainment. “With their legacy of exclusive titles, deep retail relationships, and strong presence in comics, tabletop games, and collectible merchandise, these businesses are highly complementary to our existing distribution and fulfillment model. We see powerful cross-selling potential between our product lines and customer bases, expanding the reach of our expanded product portfolio across both mass retail and specialty channels.”
“We’re incredibly honored to welcome the talented teams from Diamond Comic Distributors, Alliance Game Distributors, and Collectible Grading Authority to the Alliance Entertainment family,” said Bruce Ogilvie, Executive Chairman of Alliance Entertainment. “These are passionate professionals who have built deep relationships across the fandom, hobby, and collectibles communities. We look forward to supporting them, learning from them, and investing in their success. To the suppliers, creators, and publishing partners that make this ecosystem so dynamic, we’re excited to collaborate and build lasting value together. And to the customers who rely on these brands every day, we remain committed to delivering the excellent service and reliability you expect, and taking it even further.”
The acquired businesses bring a combination of scale, cultural cachet, and commercial reach. Together, Diamond Comic Distributors (U.S.), Alliance Game Distributors, and Collectible Grading Authority support over 5,000 retail storefronts, ranging from independent comic and game stores to specialty retailers, mass-market chains, and leading e-commerce platforms.
Through these businesses, Alliance Entertainment will gain deeper access 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. These businesses have long-standing relationships with many of the most iconic brands and publishers in the fandom ecosystem, including:
Dungeons & Dragons, Magic: The Gathering (Wizards of the Coast / Hasbro)
Pokémon Trading Card Game
Marvel, BOOM! Entertainment, and Dark Horse Comics
Dragon Ball, One Piece, Digimon (Bandai Namco)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.
Diamond Comic Distributors (U.S.) is the industry’s long-standing distribution backbone for comic books, graphic novels, action figures, and licensed collectibles. With over 40 years of history, it remains the go-to fulfillment engine for 2,500+ comic shops and thousands of additional retailers through its flagship PREVIEWS® catalog, which reaches 30,000+ readers each month.
Collectible Grading Authority brings a high-value service layer to Alliance’s offering, having authenticated and graded over 500,000 collectibles for dealers, collectors, and auction firms in more than 50 countries.
These businesses will not only expand Alliance Entertainment’s product portfolio, they extend its market coverage. With substantial account overlaps already identified, the acquisition will enable immediate cross-selling potential: introducing Diamond’s fan-favorite intellectual property into Alliance’s mass retail and e-commerce channels, while bringing Alliance’s extensive catalog of physical media and licensed merchandise into thousands of specialty accounts.
“This transaction will position Alliance to deliver long-term value by bringing together some of the most iconic fan-driven brands in the world with the industry’s most efficient and scalable distribution platform,” added Walker. “It aligns directly with our strategy to grow through high-impact, capital-light opportunities that strengthen our market share and expand our margin potential. By integrating these assets, we’re increasing our product exclusivity, expanding retail and e-commerce reach, and unlocking new cross-channel synergies, all while staying disciplined in our operational execution. This is exactly the type of opportunity that supports our long-term goals for sustainable growth, profitability, and shareholder value.”
Alliance Entertainment intends to finance the acquisition through an amendment to its existing $120 million Revolving Credit Facility, which it expects to increase to $160 million. The amended facility will be secured by a pledge of the acquired assets, alongside the Company’s existing collateral. The transaction and credit facility amendment are expected to close in April 2025, subject to final bankruptcy court approval and customary closing conditions.
About Alliance Entertainment
Alliance Entertainment (NASDAQ: AENT) is a premier distributor of music, movies, toys, collectibles, and consumer electronics. We offer over 325,000 unique in-stock SKU’s, including over 57,300 exclusive compact discs, vinyl LP records, DVDs, Blu-rays, and video games. Complementing our vast media catalog, we also stock a full array of related accessories, toys, and collectibles. With more than thirty-five years of distribution experience, Alliance Entertainment serves customers of every size, providing a robust suite of services to resellers and retailers worldwide. Our efficient processing and essential seller tools noticeably reduce the costs associated with administrating multiple vendor relationships, while helping omni-channel retailers expand their product selection and fulfillment goals. For more information, visit www.aent.com.
