A consortium together with former Disney CEO Bob Iger, sports activities agent Rich Paul, eBay and the Chernin Group is shopping for a 25% stake in toy maker Funko.
The funding, which is price $263 million, or $21 per share, means Chernin will add two administrators to Funko’s board. Chernin Group CEO Peter Chernin and Iger will function advisors to the board.
Shares of Funko have been initially halted on the information, however have since resumed buying and selling after hours, leaping greater than 20% to round $21 per share.
“We believe Funko is significantly undervalued in the public markets and at this highly attractive entry price provides a runway of opportunity and growth potential,” Chernin mentioned in a press release Thursday. “There are many areas of identifiable growth across content, commerce, marketplaces, consumer products and technology that should drive substantial increases to Funko’s performance.”
In addition to his funding enterprise, Chernin produces tv and movies by way of Chernin Entertainment, which launched titles equivalent to “New Girl,” “Hidden Figures,” “The Greatest Showman” and “Ford v Ferrari.” Previously, he served as president and COO of News Corp and chair and CEO of the Fox Group, the place he helped greenlight “Titanic” and “Avatar,” two of the highest-grossing movies of all time.
Iger is well-known within the leisure trade for main the cost at Disney to accumulate Pixar, Marvel, Lucasfilm and, most lately, twentieth Century Fox. Many of the characters from franchises inside these manufacturers might be discovered as a part of Funko’s product line.
Paul, CEO and founding father of Klutch Sports Group and head of sports activities at United Talent Agency, is anticipated to carry his experience within the sports activities and music sectors to assist advance Funko’s product growth in these areas. He represents LeBron James.
As a part of the funding, eBay and Funko agreed to make eBay the popular secondary marketplace for Funko merchandise. They can even group up for unique product releases.
“Funko sits at the intersection of pop culture, passion and collectibles, with one of the most engaged communities of enthusiasts,” mentioned Stefanie Jay, eBay chief enterprise and technique officer, in a press release. “Building on the incredible appetite for Funko products on eBay, we look forward to what our companies can do together.”