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Less than a year after Funko acquired Mondo, the high-end collectibles brand, it spun off Mondo’s movie poster business and laid off several employees — including Mondo co-founders Mitch Putnam and Rob Jones; Difference He confirmed.
Based in Austin, Texas, Mondo was founded in in 2001 and was previously part of the indie theater chain Alamo Drafthouse before Funco stepped in to buy it last year. Mondo has gained a strong following for its limited-screen movie posters. Notable artists who have worked on the posters with Mondo include Olly Moss, Shepard Fairey, Ken Taylor and Kevin Tong. Sources said Mondo’s vinyl record and collectibles businesses were flat.
In addition to Putnam and Jones, Mondo’s senior creative director Eric Garzam was also fired. In response to the news, actor Elijah Wood tweeted, “This is truly devastating news. I am in shock. What did you do @OriginalFunko?
Funko representatives did not respond to requests for comment. The news was first reported by TheWrap.
Earlier this month, in its fourth quarter 2022 earnings release, Funko CEO Brian Mariotti said the company plans to reduce its overall headcount by about 10%.
When Funko bought the company, Mondo had about 30 full-time employees. Funko has said it plans to run Mondo the same way it ran Loungefly, the clothing and accessories brand it acquired in 2017.
“Mondo’s loyal fans and high-end pop culture collectors make it a perfect complement,” said Andrew Perlmutter, former CEO and now president of Funko, when the deal was announced. “Using our global distribution and licensing network, we feel we are well-positioned to accelerate the growth of the Mondo brand.”
In the year Peter Chernin’s Chernin Group led investors, including Bob Iger, who paid $263 million to acquire a 25 percent stake in Funko by 2022.
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