A consortium that includes former Disney CEO Bob Iger, sports agent Rich Paul, eBay and the Chernin Corporation are buying a 25% stake in the toy maker Funko.
The $263 million investment, or $21 per share, means Chernin will add two directors to Funko’s board. Chernin Group CEOs, Peter Chernin and Iger will serve as advisors to the board.
Funko’s stock was initially halted on the news, but has since resumed trading after hours, up more than 20% to about $21 a share.
“We believe that Funko is significantly undervalued in the mass market, and this very attractive entry-level price offers growth opportunity and potential,” Chernin said in a statement on Thursday. “There are many identifiable growth areas across content, commerce, markets, consumer products, and technology that will drive Funko’s performance significantly.”
In addition to her investment business, Chernin also produces television series and films through Chernin Entertainment, which has released titles such as “New Girl”, “Hidden Figures”, “The Greatest Showman” and “The Greatest Showman”. Ford vs Ferrari.” Previously, he served as president and COO of News Corp and chairman and chief executive officer of Fox Group, where he helped greenlight “Titanic” and “Avatar,” the two highest-grossing films of all time. age.
Iger rose to fame in the entertainment industry when he led Disney’s acquisitions of Pixar, Marvel, Lucasfilm and, most recently, 20th Century Fox. Many of these franchise characters can be found as part of the Funko product line.
Paul, CEO and Founder of Klutch Sports Group and head of athletics at United Talent Agency, is expected to bring his expertise in sports and music to help advance the expand Funko’s products in those areas. He represents LeBron James.
As part of the investment, eBay and Funko have agreed to make eBay the preferred secondary marketplace for Funko products. They will also collaborate to release exclusive products.
This is a breaking news story. Please check back for updates.
