Disney’s former CEO is broadening his horizons since leaving The in December 2021, and it looks like he might have an affinity for Disney toys and collectibles fans often see at Walt Disney World and at shopDisney.
According to GeekWire, is among a group of looking to purchase Washington-based for $263 million from a consortium headed by The Chernin Group TCG. PayPal is also involved in the group of looking to buy the toy company, as well as , the CEO and of . Paul is also the head of at .
Currently, the transaction is a secondary offering.
According to GeekWire:
“TCG, an investment firm with interests in the media, commerce, and technology industries, and the consortium are acquiring from 12,520,559 shares of Funko class A common stock, or 80% of ‘ stake in Funko, at $21 per share. The TCG consortium will own 25% of the company following completion of the transaction, the companies announced Thursday.”
TCG also plans to appoint two directors to its board, one of whom is , – and partner. The second director has not yet been announced.
Part of the investment agreement, should it go through, calls for Funko and eBay to enter into a commercial agreement. Per this agreement between the two entities, eBay will become the preferred secondary marketplace for Funko merchandise. The arrangement also calls for collaboration in the creation of .
“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,” said, – . “There are many areas of across content, commerce, marketplaces, and technology that should drive substantial increases to Funko’s performance.”
Funko, which originated in 1998, is known for its unique and sometimes quirky merchandise, inspired by PIXAR, Marvel, Star Wars, Universal, and other companies.”brands, films, characters, and television. Funko also owns the Loungefly brand, maker of popular backpacks and mini-backpacks featuring characters and films from Disney,
“Funko (NASDAQ: FNKO) is a leading lifestyle brand. We provide connection to with a product line that includes vinyl figures, action toys, plush, apparel, board games, housewares, NFTs and accessories. As the world’s largest proprietor of licenses, entertainment enthusiasts display their fandom through the lens of .
The company powers the Loungefly, Funko Games, and Digital Pop! brands, while also offering a large selection of through Funko.com, Loungefly.com, FunkoEurope.com, and two retail locations in Everett, Washington and Hollywood, California.”
Last week, Funko released its first-quarter earnings report. According to the report, the company had a net sales increase of more than 60% year over year, to $308.3 million. Funko also reported a net income of $14.5 million, an increase of 31% from last year.