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The sporting merchandise retailer, which is eyeing new opportunities in music and entertainment, is now valued at over $18 billion
By Jon Chapple on 10 Aug 2021
Sports merchandise company Fanatics has raised US$325 million from investors including Jay-Z and his company Roc Nation, a joint venture with Live Nation, and private-equity company Silver Lake Partners, which owns shares in TEG, WME, Oak View Group and Madison Square Garden Company.
Headquartered in Jacksonville, Florida, and with international offices in Tokyo and Manchester, UK, e-commerce giant Fanatics sells officially licensed products for the National Football League, Major League Baseball, the National Football League, Nascar and more, and also operates several bricks-and-mortar shops.
The new funding will be put towards launching a non-merchandising division focusing on ticketing, gaming, media and sports betting, according to the Wall Street Journal. The company recently launched a company focusing on NFTs (non-fungible tokens), Candy Digital, and also has a partnership with leading esports competition Overwatch League.
The new investment values the company at more than $18 billion, the WSJ reports. The company expects to make $3.4bn in revenues in 2021.
Last week, the company hired Dan Goldberg, formerly of Warner Music Group, as senior vice-president for music and entertainment development, signalling its intention to branch out beyond sports apparel into music merchandise.
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