The tabletop scene is feeling spicy today. CMON just sold two more game IPs as it fights to steady a wobbly ship.
As hobbyists, we love plastic and promises, but we also watch the business side. Therefore, this shuffle matters for anyone tracking crowdfunded projects. Moreover, it has real implications for backers waiting on long-delayed boxes.
The Sale: Two Mythic-Hot Potatoes Passed To Don’t Panic
CMON has sold the IP for HEL: The Last Saga and Anastyr to French publisher Don’t Panic Games. This move lands only 18 months after CMON acquired both from Mythic Games, which had stalled on delivering two Kickstarters worth a combined 3.2 million dollars. At the time, CMON said neither project was ready for publication and would require heavy development and playtesting. Additionally, CMON pledged free copies for existing backers of its versions, though backers would still cover shipping and VAT.
This latest sale arrives amid painful financials. CMON reported nearly 7 million dollars in losses in the first half of this year, on top of about 3 million across 2024. Consequently, it has started selling off a string of IPs, including the flagship Zombicide, to stem losses and fund fulfillment. The company still faces eight undelivered crowdfunding campaigns worth roughly 18 million dollars, plus seven pre-ordered games. Therefore, liquidity and focus are front and center.
What Don’t Panic Is Saying, And Why It Matters
Don’t Panic says it always had a soft spot for these titles and was already collaborating with some original creators. The publisher states it will take over and make sure the games come to life. While that reads encouragingly, practical questions remain. BoardGameWire has asked whether Don’t Panic will honor CMON’s previous commitment to provide free copies to original backers under the shipping and VAT terms. Until we see a confirmed plan, backers are rightly cautious.
Context on the new owner is relevant. Don’t Panic has a decade of localization and publishing under its belt, with French editions of Final Girl, Champions of Midgard, and Fantasy Realms. It also publishes its own titles like Above. However, the firm recently clashed publicly with Hegemonic Project Games over French localization errors for Hegemony. Don’t Panic and Hegemonic traded statements regarding errata distribution, and Hegemonic subsequently produced its own correction packs. Consequently, quality control and post-launch support will be key things to watch.
Why CMON Is Slimming Down, And Where It Is Pivoting
CMON’s revenues have trended down, hitting the lowest annual level since pandemic year 2020. In March, CMON announced layoffs and a pause on new game development and campaign launches, citing tariff uncertainty. Instead, the company is pivoting to smaller, retail-first releases, several of which are expected to debut at Spiel Essen in October. Meanwhile, not everything is leaving the nest. CMON still holds heavy hitters like Marvel United and DC Super Heroes United, which together raised more than 18 million dollars across four campaigns. Therefore, the portfolio is narrowing but not collapsing.
For hobbyists, this all translates to a new risk profile. Big miniature-heavy Kickstarters are giving way to smaller, faster retail products. Additionally, CMON appears focused on clearing its backlog while keeping a few proven brands humming. If you love giant boxes filled with sprues and stretch goals, you may see fewer of those in the near term. If you prefer quick, accessible titles, you might actually benefit from the pivot.
Backer Reality Check: What To Expect Next
Backers of HEL and Anastyr now look to Don’t Panic for a development roadmap, manufacturing timeline, and any updated fulfillment policy. Ideally, the new owner will clarify whether CMON’s previous promise of free copies for original backers, minus shipping and VAT, still stands. Moreover, a candid status update on rules, minis, and files would build trust fast. Until then, treat this as a baton pass mid-race. The project lives, but it needs a clean handoff, a tuned schedule, and transparent comms.
As for CMON’s eight outstanding campaigns and seven pre-orders, the company says the asset sales help fund delivery. Consequently, customers should watch official updates closely. Clear milestone reporting, factory confirmations, and freight windows will be the signs that the pipeline is moving again. While that can feel dry compared to shiny renders, it is how boxes get to tables.
Final Word
This is a high-stakes regroup that could stabilize two ambitious fantasy projects and help CMON refocus. For backers, the vibe is cautious optimism with a firm grip on receipts. For the wider hobby, it is another reminder that big boxes and bigger promises are only half the game. Moreover, execution, cash flow, and communication win campaigns long after the pledge button is pressed. If Don’t Panic nails the handoff and CMON clears its queue, we all get more painted plastic on the table. And that, in the end, is what we are here for.
And remember, Frontline Gaming sells gaming products at a discount, every day in their webcart!
