The Chernin Group Leads Acquisition Of 25% Of Pop Culture Lifestyle Brand Funko; Peter Chernin & Bob Iger To Advise Its Board

deadline.com:

The Chernin Group is leading a $263 million strategic investment in pop culture lifestyle brand Funko, with Bob Iger and sports agent Rich Paul among the stakeholders.Peter Chernin and Iger, who ended his long run at Disney last year, are joining as advisors to the Funko board.

Paul, CEO and founder of Klutch Sports and head of sports at UTA, is expected to draw on his expertise in the sports and music sectors to help Funko expand.In the deal, the Chernin Group and its investors are buying more than 12.5 million shares owned by ACON Investments, or 80% of the company’s position.

That will give TCG 25% of Funko once the transaction closes.Along with Iger and Paul, other investors include eBay, which will become the preferred secondary marketplace for Funko.

The two companies will also team on exclusive product releases, according to the official announcement.Along with the new investment, TCG will designate two directors to the company’s board including co-founder and partner Jesse Jacobs, ico-Founder and Partner.After news of the deal emerged, shares in Funko jumped 27% in after-hours trading.“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,” Chernin said. “There are many areas of identifiable growth across content, commerce, marketplaces, consumer products and technology that should drive substantial increases to Funko’s performance.”TCG outlined a few strategic opportunities for Funko.