Former Disney CEO Bob Eiger is back in the toy business.
Iger is part of a consortium that invested $263 million in clothing, toys and pop culture brand Funko, accounting for a 25% stake. The investment is led by Peter Chernin The Chernin Group, an eBay online retailer, and Rich Paul, founder of the Klutch Sports Group and director of sports at UTA.
TCG co-founder and partner Jesse Jacobs led the round and will occupy a seat on Funko’s board, while TCG will nominate another board member to be named at a later date. Iger and Paul will serve as advisors to the board, with Paul helping Funko expand its presence in the music and sports categories.
“We believe that Funko is not significantly valued in public markets and that the price of this very attractive entry offers an avenue of opportunity and growth potential,” Chernin said in a statement. “There are many areas of identifiable growth in content, commerce, markets, consumer products and technology, which should lead to a significant increase in Funko’s work.”
Funko is probably best known for figures that combine pop culture figures with a distinct art style. The company wants to partner with entertainment companies, including Disney and Warner Bros., to turn their characters into dolls and figures.
The company went public in 2017.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
