Fanatics Scores Funding from Jay-Z, Drives $18 Billion Valuation – WWD

The Fanatics crew is rising — and placing even greater numbers up on the board.

The sports activities licensing and commerce firm raised an extra $325 million, with new cash from Jay-Z and Roc Nation, Main League Baseball, SoftBank, Silver Lake, Eldridge, TWG Sports activities Media & Leisure and Perception Companions, based on individuals accustomed to the deal.

That values the corporate at  an eyepopping $18 billion and practically triples its enterprise worth over the previous 12 months. (Fanatics final raised cash in March at a $12.8 billion valuation).

Alongside the brand new funding, Fanatics is evolving its enterprise, trying to make extra of its know-how, relationships and client database to develop its companies past what it calls vCommerce to construct with NFTs, gaming, sports activities betting and media.

The bigger built-in Fanatics shall be led by Michael Rubin, who will transition from government chairman to chief government officer.

Doug Mack, who is currently CEO of the corporate’s vertical commerce enterprise, will keep in that position and add the title of vice chairman of the broader firm. The present Fanatics crew will proceed to report back to Mack.

Glenn Schiffman, who most just lately was chief monetary officer of IAC, will turn out to be CFO of the broader Fanatics firm. Tucker Kain, who was most just lately president of the L.A. Dodgers, will turn out to be chief technique and development officer.

And entrepreneur Matt King will work with Rubin on constructing new large-scale digital corporations.

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