Fanatics buys trading card business Topps for around $500 million

Fanatics buys trading card business Topps for around $500 million

From axios.com

Fanatics agreed to buy the trading cards and collectibles business of Topps for around $500 million. Why it matters: Topps must feel like a baseball card stuck to a bicycle spoke. The industry pioneer last year agreed to go public via SPAC at a $1.3 billion valuation, but the merger was scrapped after Topps lost its exclusive licensing deal with Major League Baseball to Fanatics, which has yet to print a single card. Cap tables: Fanatics formed its collectibles unit last summer, via a $350 million investment from Silver Lake, Insight Partners and Endeavor. • Topps, which will retain its candy and corporate gift ... (full story)

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