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Warner Bros. Discovery’s Board Rejects Paramount’s Latest Takeover Offer

Posted on January 7, 2026 by Brett Leave a comment

The Board of Directors for Warner Bros. Discovery has announced that it again has voted unanimously against the offer that Paramount Skydance has made to purchase the company. They stated they don’t believe it’s a “superior proposal” to what Netflix has offered and it “remains inferior” in multiple key areas.

Paramount’s offer continues to provide insufficient value, including terms such as an extraordinary amount of debt financing that create risks to close and lack of protections for our shareholders if a transaction is not completed. Our binding agreement with Netflix will offer superior value at greater levels of certainty, without the significant risks and costs Paramount’s offer would impose on our shareholders.

If on December 4 PSKY did not recognize the weaknesses of its proposal when the Board concluded the process, it has now had several weeks to study the Netflix merger agreement and adjust its offer accordingly. Instead PSKY has, for whatever reason, chosen not to do so.

In late December, Paramount submitted a revised offer to purchase all of Warner Bros. Discovery at $30 per share as well as shifted some deadlines. It also included a full backstop personally guaranteed by David Ellison’s father, Larry Ellison and increased its termination fee.

Previously Netflix “won” a bidding war that included Paramount and Comcast offering $27.75 a share for just Warner Bros. studios, HBO, and HBO Max. The broadcast portion of Warner Bros. Discovery would be spun out into a new company which was already being planned.

The Board shared the below letter to its shareholders.

Dear Fellow Shareholders,

As you know, at the end of last year, your Board of Directors concluded its process to maximize shareholder value by entering into our merger agreement with Netflix. Since then, Paramount Skydance (“PSKY”), a bidder in that process, has commenced a hostile tender offer to acquire WBD, which it recently amended on December 22, 2025.

As described further below, your Board unanimously determined that the PSKY amended offer remains inadequate, particularly given the insufficient value it would provide, the lack of certainty in PSKY’s ability to complete the offer and the risks and costs borne by WBD shareholders should PSKY fail to complete the offer. Accordingly, the Board unanimously recommends that shareholders not tender your shares into the PSKY offer. For a full discussion of the reasons for the Board’s recommendation, we urge you to read the full Schedule 14D-9 filing, including the amendment filed today.

PSKY Offer’s Insufficient Value

PSKY’s offer is inferior given significant costs, risks and uncertainties as compared to the Netflix merger. Under the Netflix merger agreement, WBD shareholders will receive significant value with $23.25 in cash and shares of Netflix common stock representing a target value of $4.50 based on a collar range in the Netflix stock price at the time of closing, which has future value creation potential.

Additionally, WBD shareholders will receive value through their ownership in Discovery Global, which will have considerable scale, a diverse global footprint, and leading sports and news assets, as well as the strategic and financial flexibility to pursue its own growth initiatives and value-creation opportunities.

The Board also considered the costs and loss of value for WBD shareholders associated with accepting the PSKY offer. WBD would be obligated to pay Netflix a $2.8 billion termination fee for abandoning our existing merger agreement; incur a $1.5 billion fee for failing to complete our debt exchange, which we could not execute under the PSKY offer without PSKY’s consent; and incur incremental interest expense of approximately $350 million. The total cost to WBD would be approximately $4.7 billion, or $1.79 per share. These costs would, in effect, lower the net amount of the regulatory termination fee that PSKY would pay to WBD from $5.8 billion to $1.1 billion in the event of a failed transaction with PSKY. In comparison, the Netflix transaction imposes none of these costs on WBD.

Lack of Certainty in PSKY’s Ability to Close the Transaction

The extraordinary amount of debt financing, as well as other terms of the PSKY offer, heighten the risk of failure to close, particularly when compared to the certainty of the Netflix merger. PSKY is a company with a $14 billion market capitalization attempting an acquisition requiring $94.65 billion of debt and equity financing, nearly seven times its total market capitalization. To effect the transaction, it intends to incur an extraordinary amount of incremental debt – more than $50 billion – through arrangements with multiple financing partners.

The transaction PSKY is proposing is in effect a leveraged buyout (“LBO”). In fact, it would be the largest LBO in history with $87 billion of total pro forma gross debt and an estimated gross leverage of approximately 7x 2026E EBITDA before synergies. The WBD Board considered that an LBO structure introduces risks given the acquiror’s reliance on the ability and willingness of its lenders to provide funds at close. Changes in the performance or financial condition of either the target or acquiror, as well as changes in the industry or financing landscapes, could jeopardize these financing arrangements. Many prior large LBOs illustrate that acquirors or their equity and/or debt financing sources can, and do, seek to assert failures of closing conditions in order to terminate a transaction or renegotiate transaction terms. This aggressive transaction structure poses materially more risk for WBD and its shareholders when compared to the conventional structure of the Netflix merger.

The risks inherent in the LBO structure are exacerbated by the amount of debt PSKY must incur, its current financial position and future prospects, as well as the lengthy period to close the transaction – which PSKY itself estimates to be 12-18 months following signing. PSKY already has a “junk” credit rating and it has negative free cash flows with a high degree of dependency on its legacy linear business. Certain fixed obligations that PSKY has incurred or may incur prior to closing, such as the multi-year programming and sports licensing deals, could further strain its financial condition.

Further, the operating restrictions between signing and closing imposed on WBD by the PSKY offer could damage our business, allowing PSKY to abandon the offer. The onerous covenants include, among others, restricting WBD’s ability to modify, renew or terminate affiliation agreements. These restrictions may hamper WBD’s ability to perform and could lead PSKY to assert that WBD has suffered a “material adverse effect,” enabling PSKY and its financing partners to terminate the transaction or renegotiate the terms of the transaction.

In contrast, Netflix is a company with a market capitalization of approximately $400 billion, an investment grade balance sheet, an A/A3 credit rating and estimated free cash flow of more than $12 billion for 2026. The merger agreement with Netflix also provides WBD with more flexibility to operate in a normal course until closing. Given these factors, the Board determined that the Netflix merger remains superior to PSKY’s amended offer.

Consequences for WBD Shareholders Should PSKY Fail to Close the Transaction

If PSKY fails to close its offer, WBD shareholders would incur significant costs and potentially considerable value destruction. In addition to potentially enabling PSKY to abandon or amend its offer, the operating restrictions that PSKY would impose on WBD between signing and closing could impair WBD’s financial condition and ability to maintain its competitive position in the markets in which it operates, and hinder its ability to retain key talent. This includes prohibiting WBD from pursuing the planned separation of Discovery Global and Warner Bros., which was designed to derisk our businesses by allowing each to focus on its own strategic plan. The PSKY offer would also prevent WBD from completing the contemplated debt exchange and refinancing our $15 billion bridge loan without PSKY’s consent, which would limit our financial flexibility. If the PSKY offer fails to close, WBD shareholders would be left with shares in a business that has been restricted from pursuing its key initiatives for up to 18 months.

Further, WBD shareholders would receive insufficient compensation for the damage to our businesses should the PSKY offer not close. The $1.1 billion net amount of the regulatory termination fee that PSKY would pay to WBD represents an unacceptably low 1.4% of the transaction equity value and would not come close to helping WBD address the likely damage to our businesses.

In contrast, should Netflix fail to complete the merger for regulatory reasons, WBD would receive a $5.8 billion termination fee and WBD shareholders would still benefit from the initiatives that the Board and management team are implementing to secure the value of our businesses and ensure their long-term success, including the planned separation of Discovery Global and Warner Bros.

The PSKY Offer Is Not Superior, or Even Comparable, to the Netflix Merger

PSKY has repeatedly failed to submit the best proposal for WBD shareholders despite clear direction from WBD on both the deficiencies and potential solutions. The WBD Board, management team and our advisors have extensively engaged with PSKY and its representatives and provided it with explicit instructions on how to improve each of its offers. Yet PSKY has continued to submit offers that still include many of the deficiencies we previously repeatedly identified to PSKY, none of which are present in the Netflix merger agreement, all while asserting that its offers do not represent its “best and final” proposal.

PSKY’s transaction team, including many of their employees, several law firms, investment and lending banks and consultants, had several months to engage extensively with WBD. They are well aware of the reasons behind the Board’s determination that the Netflix merger agreement is superior to its offer. If on December 4 PSKY did not recognize the weaknesses of its proposal when the Board concluded the process, it has now had several weeks to study the Netflix merger agreement and adjust its offer accordingly. Instead PSKY has, for whatever reason, chosen not to do so.

Your Board negotiated a merger with Netflix that maximizes value while mitigating downside risks, and we unanimously believe the Netflix merger is in your best interest. We are focused on advancing the Netflix merger to deliver its compelling value to you.

Sincerely,
The Warner Bros. Discovery Board of Directors

The basis for the Board’s decision is set forth in Amendment No. 3 to the Solicitation/Recommendation Statement on Schedule 14D-9 (the “Schedule 14D-9”) filed today with the U.S. Securities and Exchange Commission.

Allen & Company, J.P. Morgan and Evercore are serving as financial advisors to Warner Bros. Discovery and Wachtell Lipton, Rosen & Katz and Debevoise & Plimpton LLP are serving as legal counsel.

Congressman Pat Ryan calls for an FTC Investigation into Collectors Holdings’ acquisition of Beckett

Posted on January 3, 2026 by Brett Leave a comment

In mid-December, Collectors announced that it had acquired Beckett. Collectors is the company behind the grading service PSA while Beckett has its own grading service.

Congressman Pat Ryan has demanded the FTC investigate the acquisition calling it an “attempt to monopolize” the trading card grading market.

In the press release, Congressman Ryan has said that Collectors has consolidated 80% of the grading volume, leaving only on significant independent as a competitor. Along with a vertical integration, controls on grading capacity, pricing, and even purchasing and selling graded cards, there’s a severe conflict of interest.

He has called on the Commission to investigate:

Monopolization: Whether Collectors acquired SGC and Beckett specifically to eliminate competition, and whether internal documents reveal a deliberate strategy of monopolization.
Serial Acquisition Pattern: Whether Collectors’ systematic roll-up strategy violates Section 5 of the FTC Act as conduct that inherently produces the cumulative harms the antitrust laws were designed to prevent.
Regulatory Evasion: Whether Collēctīvus Holdings functioned as a pass-through entity to evade merger scrutiny, and the extent of Collectors’ involvement in the 2024 acquisition of Beckett.
Good-Faith Representations: Whether the post-acquisition marginalization of SGC was contrary to representations made at the time of the merger, and if those actions warrant a court-ordered divestiture or unwinding of the deal.
Erosion of Competition: How the elimination of independent rivals has directly impacted consumer pricing, service quality, and turnaround times across the industry.
Price and Policy Coordination: What safeguards, if any, prevent Collectors from coordinating pricing, grading standards, and competitive behavior across its three nominally “independent” brands.
Barriers to Entry: What structural barriers now prevent new competitors from entering the market, specifically regarding the control of the limited labor pool of professional graders.
Market Manipulation: How vertical integration — controlling the grading process, the pricing data through CardLadder, and the marketplace itself — creates unique opportunities for market manipulation and unfair self-dealing.

You can read Congressman Ryan’s press release here and letter to the FTC here.

Logan’s 10 Favorite Movies of 2025

Posted on January 3, 2026 by Logan Dalton Leave a comment

Even though I didn’t quite live up to my personal goal of writing a full length film review every week, 2025 was a really fun year for me at the cinema. If I had to sum up my viewing in one word, it would be “auteurs”. Seriously, let talented filmmakers like Ryan Coogler, Guillermo Del Toro, and Paul Thomas Anderson cook and have massive budgets, and they will make art that won’t just be discussed on opening weekend, but by posterity. (I’m definitely including/referencing Sinners in my popular music library instruction.)

Here are my 10 favorite movies of 2025. I didn’t watch everything that came out this year, but I loved most of what I saw. (Sorry, Captain America: Brave New World.)

10. The Naked Gun (Akiva Schaffer)

Conservatives claim that comedy is dead, but they just haven’t watched The Naked Gun yet. Liam Neeson is oblivious, deadpan perfection as Lt. Frank Drebin Jr., and he and Beth Davenport (Pamela Anderson) have silly chemistry that addsa dollop of romance to the spoof flick. To sweeten the deal, The Naked Gun is under 90 minutes and the most joke-dense film I’ve seen in the cinema in some time. It also roasts the hell out of tech bros and has the most hilarious end credits.

9. Lurker (Alex Russell)

Lurker is a frighteningly intimate look at the relationship between artist and fan as retail clerk Matthew (Theodore Pellerin) grows closer to British R&B star Oliver (Archie Madekwe). Alex Russell does an excellent job progressively showing Matthew cannibalizing Oliver’s clout while simultaneously ending up becoming the inspiration he needs. A lo-fi score from Kenny Beats and grainy, intrusive cinematography from Pat Scola makes Lurker even more voyeuristic and uncomfortable.

8. Pavements (Alex Ross Perry)

Alex Ross Perry’s Pavements is a five layer movie burrito of documentary, biopic, musical theater, performance art, and tribute all centered around seminal, fiercely anti-commercial 90s rock band Pavement, who has recently reunited and gone on tour. (I was able to see them in 2024 at Riot Fest.) The film hits the right balance between irony and earnestness, and my favorite bits were seeing footage of the Pavement jukebox musical as well as Joe Keery’s quirky performance as the band’s frontman Stephen Malkmus during the biopic segments. As a band, Pavement didn’t care about appealing to the masses and/or Lollapalooza/Alternative Nation, and neither does this film, which makes it great in an era of estate-massaging ego trips disguised as art.

7. Marty Supreme (Josh Safdie)

Marty Supreme is another stressful, entertaining movie from a singular Safdie Brother about a table tennis protege named Marty Mauser (Timothee Chalamet), who must gather enough money to go to the World Championships in Japan with the help of an evil businessman (A perfectly cast Kevin O’Leary), a silver screen star in decline (Gwyneth Paltrow still has her fastball.), and his pregnant childhood friend/situationship (A breakout performance from Odessa D’Azion). The film is set in the 1950s, but is chock-full with 1980s New Wave needle drops that give it that sports movie sheen although Mauser is the epitome of narcissism. However, Chalamet gives his all in the role, and you can’t help but root for him in the end and then shudder about the college boys watching this movie on winter break and seeing him as an aspirational figure. (I want one of those orange ping pong balls though.)

6. The Secret Agent (Kleber Mendonça Filho)

The Secret Agent is a tense sociopolitical thriller set at carnival in Recife, Brazil during the height of the country’s military dictatorship. However, it’s also a film about constructing identities, misinformation, and maybe even the research process. Director Kleber Mendonça Filho and cinematographer Evgenia Alexandrova tap into 1970s sleaze in creating the film’s visual palette with plenty of yellow evoking the classic Brazilian football kit. This, of course, turns to red when shit hits the fan. The main takeaway from the film is the magnetic, yet earnest Wagner Moura as ex-professor/wanted man Armando, who really deserves a Best Actor nomination.

5. Superman (James Gunn)

Like both the epic poems and comic books of yore, James Gunn’s Superman skips the origin story and plunges into the Man of Steel’s career in media res as he tries to mediate a conflict between Jarhanpur and Boravia, uncover a conspiracy connected to tech billionaire Lex Luthor (Nicholas Hoult), dog sit, and maybe even get the girl. In the best way, Superman feels like picking up a random trade paperback with Gunn crafting an entertaining supporting cast that doesn’t take the spotlight away from its titular protagonist’s arc. Above all, Superman is a sincere film, and that starts with David Corenswet’s performance as the Big Blue Boy Scout, who can say “Kindness is the real punk rock” and mean every word. It’s a near-perfect tone setter for James Gunn and company’s vision of the DC Universe.

4. Queens of the Dead (Tina Romero)

Tina Romero queers the horror comedy in the hilarious instant cult classic Queens of the Dead. This film has an elevator pitch to die for, namely, Brooklyn drag queens, queer folks, and one homophobic plumber fight zombies and try to find safety. However, Queens of the Dead isn’t just jokes, gore, and fabulous fits, and Romero and co-writer Erin Judge and actor Jacquel Spivey give anxiety-ridden drag queen Sam a beautiful heroic journey as they try to express themselves artistically in a late capitalist hellscape. And speaking of hellscape, Tina Romero brings plenty of pointed satire to the film that would make her father smile. We should really be on our phones less.

3. Sinners (Ryan Coogler)

Sinners is an exciting vampire thriller meets blues musical that explores the concept of race and whiteness in the United States. The main juke joint sequence is worth the price of admission alone as director Ryan Coogler and star Miles Caton demonstrate that the history of popular music in the United States is the history of Black music. Caton’s triple threat performance is bolstered by Michael B. Jordan playing a dual role as Stack and Smoke. He has charming chemistry with Hailee Steinfeld, his bi-racial ex-girlfriend. Sinners has real heat to it, and you can smell the sweat and sex of the juke joint as carnal, supernatural, and spiritual unite, and Remmick’s (Jack O’Connell) Irish vampires try to break off a piece of it just like real life artists like Elvis Presley would in the near future. Finally, Sinners might have the best post-credits sequence of all time. (I feel like Buddy Guy playing himself slightly edges out Samuel L. Jackson’s debut as Nick Fury in Iron Man.)

2. One Battle After Another (Paul Thomas Anderson)

Bob Ferguson (Leonardo DiCaprio) juggles fatherhood and rekindling the ashes of revolutionary spirit in Paul Thomas Anderson’s epic film One Battle After Another. Just like the works of the author that inspired it (Thomas Pynchon), OBAA is more encyclopedia than film with the most exciting car chase scene, the most tender father/daughter moments, and the funniest supporting performance as Benicio Del Toro has the time of his life as the beer-guzzling “Sensei” Sergei. One Battle After Another doesn’t have any clear answers about being a good parent or fighting a cause while still trying to have a life and family, but that makes it all the more compelling and a lovely use of Warner Brothers’ $130 million.

1. Frankenstein (Guillermo Del Toro)

My favorite film of 2025 was Guillermo Del Toro’s none more Goth adaptation of Mary Shelley’s Frankenstein that I was thankfully able to see in theatrically courtesy of my local independent theater, The Belcourt. Frankenstein is truly the loveliest film of 2025 with Del Toro and cinematographer Dan Lautsen conjuring frames that look like English Romantic oil paintings, Gustave Dore woodcuts, and Berni Wrightson’s pencil and ink illustrations depending on the mood. This attention to visual detail extends to the exquisite costuming and set design, especially anything Mia Goth’s Lady Elizabeth/Baroness Frankenstein wears. (Yes, this film is quite Freudian.) Frankenstein isn’t a plot beat by plot beat adaptation of the novel, but Del Toro captures the overarching themes about the destructive nature of technology (*cough* Generative AI) and the hubris of humanity. To top it all off, Jacob Elordi gives a truly tragic performance as The Creature, especially in one poignant scene where the Blind Man (David Bradley) teaches him to read and engage with art. (John Milton’s Paradise Lost, of course.)

Honorable Mentions: The Ballad of Wallis Island (James Griffiths), The Bad Guys 2 (Pierre Perifel), Hamnet (Chloe Zhao)

Brett’s Favorite Comics, Graphic Novels, Manga, and Manhwa of 2025

Posted on January 1, 2026 by Brett Leave a comment

Usually to kick off the year I put together a list of my favorite comics from the previous year as well as a reflection of that year. Well, 2025 was… dumpster fire doesn’t quite feel like the right term. Of course the upheaval of distribution was part of the top story of the year but that’s something to reflect on in another article.

Let’s celebrate the awesome comics that was!

Below is broken down into four sections, manga, monthly series/limited series/one-shots, graphic novels, and comics for young readers. There’s the comics I enjoyed and then there’s also some highlights of comics that really stood out and shouldn’t be missed. While I read a lot this past year, I didn’t read everything released, so this is based on what I read. Something not included doesn’t mean it wasn’t good, it’s possible I didn’t read it.

Manga and manhwa continue to stand out with some of the best stories and art on the shelves right now. If you’ve been nervous diving in to them, here’s some great ones to start with. There’s something for everyone. You can read comics any way you want and there’s stories and art styles out there for all tastes.

Now, on to what stood out in 2025 (in alpha order)….

Manga

Top five manga series in alpha order:

A Business Proposal – The series wrapped up this year and was a fantastic ending. The series as a whole went from cringe concept to cute rom-com that saw characters grow and delivered depth in them.
The Boxer – Each volume has been an amazing exploration of its characters and this year dropped major reveals as it heads towards its finale. This is far more than a story about boxing, it’s an exploration of humanity.
Destroy All Humans. They Can’t Be Regenerated – A manga about Magic: The Gathering that’s about playing Magic: The Gathering. It’s a manga and story that shows depth and knowledge of the game instead of just using its settings and characters. Add in interesting relationships and friendships and you have a great story about finding your group.
The Guy She Was Interested In Wasn’t a Guy at All – A cute manga about a girl who gets a crush on the “guy” that works at the local record store but is actually a woman and fellow student. It’s a story of finding friendship over one’s love of something with a will-they-won’t-they aspect.
Not-Sew-Wicked Stepmom – A spin on Snow White, the characters have grown so much over the series and it’s blossomed into one about a real family. This latest volume added in more “Disney characters” that will take the series in an interesting direction.

Graphic Novel

Top five graphic novels in alpha order:

Dr. Werthless – A brilliant dive into who Fredric Wertham was, far more than the “anti-comic” crusader he’s painted as. It features a lot of surprises about his life and paints a complicated individual.
Drome – Just absolutely fantastic art in a trippy sci-fi series.
The Five Wolves – Some of the best art of the year, this is visually one of the best releases of the year from the art to the lettering.
More Weight: A Salem Story – A released years in the making, a well researched massive tome about the Salem Witch trial. Add in more fantastic art and it’s been a year for fantastic art.
Partisan – While it might seem like just another “war comic” but it’s packed with moments that’ll cause readers to gasp. Again, add in great art and it stands out as one from 2025 to not miss.

Comics and Graphic Novels for Younger Readers

Top five comics and graphic novels for younger readers in alpha order:

Box Tales: Grow, Strawberries, Grow – An adorable read that our youngest reviewer read multiple times. Parents will laugh at moments that are far too relatable.
C.O.R.T.: Children of the Round Table – One of my favorites this year. It’s got some great manga-inspired art and a cool take on the Knights of the Round Table. This is one I want to see as an animated series.
The Mighty Onion and Guinea Pig Girl! – The second volume of this series, it explores fame going to one’s head as the creative team find themselves having issues working together as their popularity rises. The execution in how it does all of that is brilliant with a mix of comics, notes, and journal entries.
Ten-Ton Titan Terrier – A dog that controls a big mech to help protect Earth. Yeah, it’s just a lot of fun.
Unico: Hunted – The second volume of the series, it continues the story of the magical unicorn that’s fun for kids and adults alike.

Monthly Series/Limited Series/One-Shots

Top five monthly series/limited series/one-shots in alpha order:

Absolute Batman – With the introduction of Absolute Bane, Absolute Joker, and one of the best annuals ever, it’s been a series that has delivered a brutal story that redefines what Batman can be.
Everything Dead and Dying – The Walking Dead blew up the zombie genre to new heights and this series is its successor as it show the genre has a lot of life left in it. It’s been an emotional punch with multiple layers and exploration of humanity.
Feral – The series delivers with every issue and every arc. The cute art mixed with the horrors within creates more of a punch. It keeps readers on its toes and has no problem tugging at heart strings. Even people who dislike horror will enjoy this tense series.
The Killer: Affairs Of The State II – Few comics have been more relevant than this series that saw The Killer hired by the French government to eliminate members of an elite pedophile ring. It reflected the lack of justice in the real world as the comic debated what is justice and who can afford it?
Space Ghost – The series continues to be one the best superhero comics out there delivering stories and issues that can be enjoyed on their own while also building the greater story. It’s just something we see far too often in today’s comics. Add in great art and it’s pulp superhero fun at its best.

Graphic Policy’s Top Stories of 2025

Posted on January 1, 2026 by Brett Leave a comment

It’s a new year and before we look forward, let’s look back at the year’s top articles on Graphic Policy.

The below is broken down into two sections. The first is the top articles read for the year no matter when they were released. The second section was the top articles the debuted in 2025!

Any surprises? Sound off in the comments.

Demo-Graphics: Tabletop Game November 2025 Edition – In December, Women Became the Majority

Posted on December 31, 2025 by Brett Leave a comment

Demo-Graphics has generally focused on the demographics of comic fans but occasionally we have also reported on other fandoms and communities. In August, we kicked off a new regular look at those interested in tabletop games. That includes board games, roleplaying games, and card games. Why? The question still remains… who are the fans of tabletop games?

What is Demo-Graphics?

Each month I dive into data from Facebook looking at the various demographics it can tell us about comic, and now tabletop game, fans. This isn’t hard numbers, purchasers, or “Wednesday warriors,” but best used to show trends in the industry and the potential of the market out there.

How does it work?

We use key terms, “likes”, that users have indicated and have come up with our own set to measure each month. There’s over 50 terms used (and no I won’t release them). We stick to specific terms for the industry such as “board games” and “collectible card games” as well as publishers and leave out broad terms.

Other things to know…

This data is important in that it shows who the potential audience could be. These are not purchasers, these are people who have shown an affinity for tabletop games, are potential purchasers, and those with a clear interest.

Also, with this being online/technology, due to laws and restrictions, those under the age of 13 are underrepresented.

The data that is presented as a wide range. I’ve taken the average of the range. So, if it’s presented as somewhere between 500 and 1,000 people, the number would be 750.

So, let’s kick off the first entry with the big question…

Facebook “Tabletop Gamer” Population: Around 81.75 million in the United States

The overall Facebook population in the US increased by about 6.6 million but the tabletop gaming community saw an increase of about 3.5 million. This is something new we’re tracking so it’ll be interesting to see if this is a seasonal thing where it increases during the end of the year holidays. Since August, the tabletop gaming Facebook population increased by about 2.75 million

Gender

There’s been increases across the board in gender with men, women, and those not reporting either all seeing a bump from the previous month. In the big shift, women are now a majority with 40.35 million compared to men at 39.5 million. Women were behind men by about 350,000 in the previous month.

Age

Nearly every age group saw an increase from the previous to varying degrees. Those age 19-24 saw a dip of 100,000. When it comes to percentage of what’s recorded, the segments from 50 and up all gained in their percentage.

Age breakdown for tabletop games in December 2025

Relationship Status

The relationships status’ all gained from the previous month and percentages only shifted a little for each.

More Stats!

For Education we’re tracking individuals who have at least a college degree. 22.85 million individuals, 27.95% of the population have at least a college degree. That’s an increase in the number of individuals as well as the percentage. In 2022, 37.7% of the American population had at least a college degree.

14.8 million fans, 18.1%, are parents! That’s an increase of 1.1 million.

And finally, what’s the crossover with fans of board games and video games? 50.15 million, 61.35% of board game fans also enjoy comics. 52.15 million, 63.79% also enjoy video games. Combined, 70.1 million like board games or video games and 31.85 million enjoy board games and video games. Get your licensing engines revving!

What’s Next?

All of this continues the re-starting point. The terms will be refined as we go forward and we’ll take a look at any previous published reports to see what the legacy data says, and of course, we need to see how this compares to comic fans! Stay tuned as we look back at both for 2025!

Exclusive Preview: Nova: Centurion #3

Posted on December 31, 2025 by Graphic Policy Team Leave a comment

Nova: Centurion #3

(W) Jed MacKay (A) Álvaro López, Matteo Della Fonte
(C) Mattia Iacono (L) Cory Petit
(CA) Alessandro Cappuccio and Rachelle Rosenberg (VCA) Clayton Crain, Jan Bazaldua and Erick Arciniega, Tribute Games and Dotemu

NOVA ON THE VERGE! An old grudge from the Annihilation War comes due as NOVA and RAVENOUS throw down with credits — to say nothing of life and death — in the balance! Will Rich Rider survive to see a positive number in his bank account?! All is not as it seems, though, and crew member CAMMI will make a discovery that changes everything!

Exclusive Preview: Spider-Man Noir #4

Posted on December 31, 2025 by Graphic Policy Team Leave a comment

Spider-Man Noir #4

(W) Erik Larsen (A) Andrea Broccardo
(C) Rachelle Rosenberg (L) Joe Sabino
(CA) Simone Di Meo (VCA) Erik Larsen and Dean White

GUNS & GHOSTS & GOONS — OH MY! Peter Parker is investigating a slew of dehydrated corpses popping up around town — much to Gwen Stacy’s dismay! And as Peter gets closer to solving the mystery of her father’s death, Gwen homes in on the identity of Spider-Man…

Get Your Last Minute Donations in and Support the CBLDF, BINC, the Hero Initiative, and Americans for the Arts Action Fund Before the End of the Year

Posted on December 31, 2025 by Brett Leave a comment

Nonprofits live and die by the financial support they’re provided by supporters. and there’s still time to get your last-minute donations in before the end of the year. We have some handy comic focused charities, though there’s many more you can give to that are very worthy as well. Sound off in the comments with those you donate to!

Graphic Policy is asking you to support three worthy causes, the Comic Book Legal Defense Fund (CBLDF), Book Industry Charitable Foundation (BINC), the Hero Initiative, and Americans for the Arts Action Fund.

Binc is a 501(c)(3) nonprofit dedicated to assisting booksellers in need. The Binc Foundation grew out of a wish of bookstore employees to establish a fund to help their colleagues experiencing unexpected financial crises. Binc is dedicated to assisting bookstore employees across the United States in their greatest time of need.

The organization has pivoted to help booksellers and comic shops during the current pandemic.

Binc’s assistance varies depending on the needs of retailers. Binc is focused on helping with expenses such as medical or personal household under the following circumstances:

If a bookstore employee contracts an illness and cannot go to work.
If a member of a bookseller’s household contracts an illness and the employee is forced to quarantine themselves to prevent further spread of the virus.
If a bookseller loses more than 50% of their scheduled work hours because residents are told not to go to work.
If a bookseller loses more than 50% of their scheduled work hours due to a mandatory quarantine.

You can donate now to help BINC get funds to those in need.

The CBLDF receives more than a quarter of its annual budget in year-end gifts from supporters. But, that can change by helping donate on a special day like today!

All year-round, the CBLDF works hard to protect the right to read. Their efforts combat the rising tide of censorship facing students, educators, and libraries, and we continue to provide a valuable safety net for creators and retailers.

The organization has pivoted in the current period by becoming a resource for comic shops and creators in need of support, new ideas, or relief. They’ve become an invaluable one-stop shop to disseminate information to help the industry.

If you are thinking about an organization to donate to, we ask you to please consider their worthy efforts. Donations to CBLDF are fully tax-deductible in the year they are given. Please help CBLDF continue their important work by making a donation today, either by giving a holiday gift of a signed graphic novel, becoming a member, or making a tax-deductible cash contribution.

You can donate now and get some cool items to show off your support.

The Hero Initiative helps comic creators in need. Formed in 2000, the organization is a safety net for comic creators in need. The organization became a not-for-profit in 2001 and has since granted over $1,000,000 to over comic book creators who helped contribute to and build the industry into what it is today.

Hero creates a financial safety net for yesterdays’ creators who may need emergency medical aid, financial support for essentials of life, and an avenue back into paying work. It’s a chance for all of us to give back something to the people who have given us so much enjoyment.

You can help them out and contribute today!

Americans for the Arts Action Fund (Arts Action Fund) is a 501(c)(4) nonprofit membership organization affiliated with Americans for the Arts. They are the only national arts advocacy organization dedicating 100% of its time, money, and political clout to advancing the arts in America. Their mission is to mobilize one million citizens to join them in advocating for the arts and arts education around the country.

As a national leader in arts advocacy, they are committed to:

Stand up for every child’s right to a comprehensive arts education
Promote public policies that provide individuals and families affordable access to all forms of the arts
Rally national support for the arts
Build political influence to ensure bipartisan support for the arts
Keep our communities up-to-date with the latest information and how it impacts the arts.

Donate today as part of their year end fundraising campaign.

Please donate so these three worthy organizations can continue their good works. If you have more suggestions of comic-related non-profits that people can donate to, sound off in the comments below.

Comic Shoot is coming to GPTV in 2026!

Posted on December 30, 2025 by Brett Leave a comment

We’re kicking off a tease of what’s coming to GPTV in 2026 with the announcement of Comic Shoot.

Comic Shoot is a new videocast/podcast that will be a mix of pre-recorded discussions as well as live shows that will dive into the topics you don’t normally see discussed on sites. This isn’t a show about new releases and latest projects, this is the one we ask “why” and “why not” a lot and try to find answers and insight behind the curtain in the comic industry.

This is tough questions. Tough discussions. And no holds barred.

We already have invites out and a list of topics to discuss but we want to hear from you!

Who do you want to see on the show?
What topics do you want to see tackled?
What questions do you want us to answer in our first live show?

Drop all of that anonymously at the link below, we promise to answer every question asked for the first show, no matter how tough they are. This is no filtered journalism at its best!

https://tellonym.me/graphicpolicy

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