Latest News

: Funko stock rallies 26% after news of $263 million celebrity investment

Funko Inc. stock rose more than 26% in the after-hours session Thursday after the maker of pop culture-influenced bobbleheads and figurines said it is getting a $263 million investment from a consortium led by the Chernin Group and some marquee names.

The consortium is acquiring more than 12 million Funko

shares from ACON Investments, or 80% of ACON Investments’ stake in the company, at $21 a share. After the deal goes through, the consortium will own 25% of the company.

Additional investors in the consortium include eBay Inc.
former Walt Disney Co.

Chief Executive Robert Iger and sports agent Rich Paul.

The Chernin Group will designate two directors to the board, including Jesse Jacobs, a co-founder and partner. Iger and Peter Chernin, also the group’s co-founder and partner, “will provide guidance and strategic insight as advisors to the Funko Board,” they said.

As part of the agreement, eBay will be the “preferred resale marketplace for Funko fans around the world and give customers new and exclusive products,” eBay Chief Business and Strategy Officer Stefanie Jay said.

Funko in March reported 2021 revenue that topped $1 billion, saying it ended the year with an “exceptionally strong performance” in the fourth quarter.

Funko executives predicted then they’d continue to grow beyond analysts’ expectations in 2022, guiding for sales growth between 20% and 25% this year, and adjusted earnings between $1.75 and $1.91 a share.

Funko shares have lost 11% this year, compared with losses of around 13% for the S&P 500 index

What's your reaction?

In Love
Not Sure

You may also like

More in:Latest News

Leave a reply

Your email address will not be published. Required fields are marked *