The Chernin Group, Peter Chernin’s investment firm, announced that it is buying 25% of Funko, the pop-culture collectibles company, leading a group of investors that includes former Disney ch…
The consortium led by TCG will make a $263 million strategic investment in Funko, acquiring 80% of ACON Investments’ shares in Funko Class A common stock. Along with Iger, additional investors in the consortium include eBay and Rich Paul, CEO and Founder of Klutch Sports Group and UTA’s head of sports.
“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 said in a statement. “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 conjunction with the investment, TCG will designate two directors to the Board including Jesse Jacobs, TCG Co-Founder and Partner. The additional director will be designated at a later date. Mr. Iger and Peter Chernin, TCG Co-Founder and Partner, will provide guidance and strategic insight as advisors to the Funko Board.
In addition, with the investment, Funko and eBay are entering into a commercial agreement under which eBay will become the preferred secondary marketplace for Funko and the companies will also partner on creating exclusive product releases. Additionally, Paul will bring his expertise in the sports and music sectors to help advance Funko’s continued product expansion and growth opportunities in sports and music.
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