Funko sells 25% stake to group including Bob Iger, Rich Paul, eBay
An association that includes Bob Iger (ex-Disney CEO), Rich Paul (sports agent), and others. eBayAnd the Chernin group is purchasing a 25% stake at toymaker Funko.
Chernin’s $263 million investment or $21 per share will see Chernin add two directors on Funko’s board. The board will be advised by Peter Chernin, CEO of Chernin Group, and Iger.
Funko’s shares initially stopped trading due to the announcement, but traded after hours and have risen more than 20 percent to close at $21.
Chernin stated that Funko was significantly undervalued on the public markets. “At this attractive entry price, Funko provides a runway for opportunity and growth potential.” Funko can expect significant increases in its performance due to the obvious growth areas that include content, commerce, markets, consumer products, and technology.
Chernin is also an investor. His company Chernin Entertainment produces films and television. He served previously as the president and COO at News Corp, chair and CEO of Fox Group and helped to greenlight “Titanic” and “Avatar,” which were two of Hollywood’s most popular films.
Iger is well-known for his leadership at Disney in acquiring Pixar and Marvel as well as Lucasfilm, Lucasfilm, and most recently 20th Century Fox. Funko has a product line that includes many characters from these franchises.
Paul is the founder and CEO of Klutch Sports Group. He also heads sports at United Talent Agency. This will allow Funko to expand its product offerings in these areas. LeBron James is represented by him.
Funko and eBay have agreed to become the secondary market preferred for Funko products. The two companies will collaborate for special product launches.
“Funko sits at the intersection of pop culture, passion and collectibles, with one of the most engaged communities of enthusiasts,” said Stefanie Jay, eBay chief business and strategy officer, in a statement. We are excited to see what our companies will do together, building on the amazing demand for Funko products from eBay.