Funko Inc. has bought renowned collectibles company Mondo from movie theater chain Alamo Drafthouse Cinema.
The sale was announced in a joint press statement issued by Alamo Drafthouse Cinema and Mondo. "Alamo is seizing opportunities to grow our cinema footprint... As the company resources are focused on this growth, we realized that perhaps a bold and exciting new chapter is about to begin for Mondo," said Alamo Drafthouse Founder & Executive Chairman and Mondo Co-Founder Tim League. "Over the past few months, we searched exhaustively to find a perfect partner who saw what was unique and special about Mondo and was in a position to meaningfully invest in Mondo, nurture the team, and further its reach and vision. Funko is exactly that unicorn."
"We have always loved following our passions and doing things our own way, and we’ll be forever thankful to the Alamo Drafthouse for supporting those passions and helping us grow into what we are today. But we needed a bigger boat... and that’s where Funko comes in. They understand what Mondo is today and are eager to help us become the company we want to be," an unnamed Mondo representative added, in the same statement.
The Alamo Drafthouse was hit hard by COVID-19, with economic losses due to pandemic-related closures forcing the chain to file for bankruptcy in March 2021. However, less than two months later, the company announced plans to reopen 15 Alamo Drafthouse locations throughout the US, as audiences began returning to cinemas. At the time, this uptick in business was attributed to the theatrical release of blockbusters such as Godzilla vs. Kong and Mortal Kombat.
As referenced in the joint press statement, Mondo's strong commercial performance during Alamo Drafthouse's economic hardship largely kept the chain afloat. Mondo is famous for its limited-run screen-printed posters based on movies, TV shows and comic books, as well as for selling other pop culture collectibles, such as vinyl movie soundtracks, T-shirts and VHS re-releases.
Funko is best known as the manufacturer of the hugely popular Pop! line of licensed vinyl figurines. It boasts deals with some of the biggest brands in pop culture, including Disney and Warner Bros. Funko was listed as one of the most trustworthy companies in America in April 2022, based on the results of a survey of 50,000 US residents. The list comprised 25 publicly traded companies with more than $500 million in annual revenue, with Funko ranking fifth overall.
Source: Alamo Drafthouse Cinema and Mondo