Michael Rubin’s e-commerce company Fanatics has acquired Topps trading cards, sources close to the deal confirmed to CNBC on Monday night.
Terms of the agreement were not available, but industry sources put the deal at roughly $500 million. It will include only Topps’ name and sports and entertainment division, not the company’s candy and gift cards line, one source said.
Fanatics’ trading card entity is valued at $10 billion after a $350 million round of funding last September. Rubin called Topps an iconic brand in a statement announcing the move.
Topps has agreements with top retail stores including Walmart and Target but it’s unclear how the acquisition will impact Topps’ products on Amazon. Fanatics has exclusive e-commerce deals with MLB; hence, the league’s official apparel products are not sold on Amazon.
Read more/Source: CNBC
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