Michael Donovan is back in the top job at DHX Media as a nearly five-month long review of strategic alternatives continues at the children's media empire.

DHX announced on Monday Dana Landry is stepping down as CEO to "pursue other projects," while Donovan - the company's co-founder and executive chairman - takes over as chief executive officer, a role he handled until July 2014.

“Dana has been with us from the beginning, from start-up to global media company, and we thank him for his significant contributions to our growth. We wish him well with his future projects,” Donovan said in a press release.

DHX, best known for brands including Peanuts and Teletubbies, launched a review of strategic alternatives in early October, with a sale of the entire company or certain assets among the options that would be considered.

Since then, the company's shares have tumbled almost 20 per cent. As recently as Feb. 13 during DHX's quarterly conference call, Donovan said the review was "ongoing and robust."

DHX also said on Monday former Postmedia executive Doug Lamb will replace Keith Abriel as the company's chief financial officer.