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9 mentions found


☆ Fanatics hires former Opendoor executive to run $5 billion sports merchandise business
  + stars: | 2023-09-12 | by ( Ian Thomas | ) www.cnbc.com   time to read: +3 min
Fanatics has seen that area of its business grow to more than $5 billion in annual sales, a key driver of its increasing overall revenue and valuation. The slew of recent executive appointments moves Fanatics closer to Rubin's goal of an eventual IPO as its business continues to expand beyond sports merchandise. Low Ah Kee is replacing Doug Mack, who has served as Fanatics Commerce CEO since 2014 and announced last month that he would be retiring at the end of 2023. Fanatics said Mack will work with Low Ah Kee for the remainder of the year and then will shift into a special advisory role for Rubin and the company. Opendoor announced last December that Low Ah Kee was leaving the company.
Persons: Justin Berl, Andrew Low Ah Kee, Michael Rubin, Low Ah Kee, Matt King, Dick Clark, Mike Mahan, " Rubin, Rubin, Deborah Crawford, Ah Kee, Doug Mack, Mack, Opendoor, Kee Organizations: Pittsburgh Pirates, Milwaukee Brewers, PNC Park, Commerce, Mitchell Locations: Pittsburgh , Pennsylvania, U.S, Meta
☆ Fanatics to launch live events business as it seeks to create a sports version of Comic-Con
  + stars: | 2023-07-13 | by ( Yuheng Zhan | ) www.cnbc.com   time to read: +2 min
Fanatics will launch a new live events business that will look to recreate the Comic-Con experience for sports collectibles, the company said Thursday. The new venture, called Fanatics Events, will be a partnership with events and talent management giant IMG, which is part of Endeavor . Fanatics Events plans to organize global events through partnerships and acquisitions. Fanatics said Fanatics Events aims to start holding events next year. "Fanatics Events will be super-charged by the full power of Endeavor's flywheel, global network, and events expertise to deliver once-in-a-lifetime moments that fans will remember forever," said Paul Caine, president of On Location and IMG Events.
Persons: Goldman Sachs, DraftKings, Lance Fensterman, Fensterman, Paul Caine, –, Jessica Golden Organizations: Endeavor, Barclays, York Comic Con Locations: U.S
☆ MLB All-Star Game, baseball cards, are first big test of Fanatics livestream shopping experience
  + stars: | 2023-07-10 | by ( Ian Thomas | ) www.cnbc.com   time to read: +5 min
(Photo by Justin Berl/Getty Images)Fanatics' first livestream shopping event will feature collectors opening baseball trading card packs on the field during this week's Major League Baseball All-Star Game events in Seattle. The sports platform's new business division, which is called Fanatics Live, is centered around live shopping experiences during which users will be able to buy trading cards and other collectibles on the Fanatics Live app while watching streams of hosts and other collector sellers. "Our intention is to have Fanatics Live be the leader in the live commerce space," Bell said. Livestream shopping, which got its start in China and across Asia, has grown into a $512 billion market, according to Coresight Research. Bell acknowledged the challenges for livestream shopping in the U.S. but said he sees them as an opportunity.
Persons: Justin Berl, Nick Bell, Bell, — Bell, —, Chris Lamontagne, Scott Rogowski, Michael Rubin, – Bell Organizations: Pittsburgh Pirates, Milwaukee Brewers, PNC Park, Major League Baseball, Google, Mobile, Research, eBay, Facebook, QVC, U.S, Meta, CNBC Disruptor Locations: Pittsburgh , Pennsylvania, Seattle, U.S, China, Asia
☆ Fanatics increases its offer to $225 million to acquire PointsBet's U.S. assets
  + stars: | 2023-06-28 | by ( Jessica Golden | ) www.cnbc.com   time to read: +1 min
Fanatics has raised the stakes as it looks to acquire PointsBet's U.S. business. The sports platform company increased its offering by 50% to $225 million in an effort to outbid DraftKings , which made a non-binding offer of $195 million earlier this month. PointsBet shareholders will formally vote on the new offer Thursday night. "The Board unanimously supports the improved proposal from Fanatics Betting and Gaming, which provides a superior price plus certainty," PointsBet Chairman Brett Paton said in a statement. Fanatics CEO Michael Rubin told CNBC after the DraftKings announcement that he was highly skeptical of their proposed offer, which he viewed as DraftKings attempting to slow Fanatics down.
Persons: Michael Rubin, DraftKings, Brett Paton, PointsBet, Jason Robins, Paton, Rubin Organizations: PointsBet's, CNBC, PointsBet, U.S, Gaming Locations: New York, Melbourne, U.S, Australia, Canada
☆ DraftKings makes $195 million offer for PointsBet, outbidding Fanatics
  + stars: | 2023-06-16 | by ( Jessica Golden Contessa Brewer | Jessica Golden | Contessa Brewer | ) www.cnbc.com   time to read: +1 min
Sports gambling powerhouse DraftKings has made a $195 million, all-cash offer for PointsBet's U.S. assets, it said on Friday, as it looks slow down the rise of Fanatics. The offer comes a month after Fanatics agreed to buy the Australian company for $150 million in an effort to boost its presence in sports gambling. "We believe DraftKings is uniquely positioned to submit this superior proposal due to our scale and corresponding ability to generate meaningful synergies from the acquisition." Fanatics CEO Michael Rubin told CNBC after the announcement that he's highly skeptical of the deal, which he views as DraftKings attempting to slow Fanatics down. "It's a move to delay our ability to enter the market," Rubin said.
Persons: DraftKings, Jason Robins, Michael Rubin, Rubin Organizations: Sports, PointsBet's U.S, CNBC Locations: United States
☆ Stocks making the biggest premarket moves: Virgin Galactic, Adobe, SoFi, Cava and more
  + stars: | 2023-06-16 | by ( Michelle Fox | ) www.cnbc.com   time to read: +2 min
Check out the companies making the biggest moves in premarket trading:Virgin Galactic — Shares soared nearly 45% in premarket trading, a day after the company said its first commercial space tourism flight is set for later this month. Adobe — The tech stock rallied nearly 5% following its earnings and revenue beat after the bell Thursday. SoFi Technologies — Shares dropped about 6% after being downgraded by Piper Sandler to neutral from buy. Cava Group — The newly debuted restaurant stock rose more than 4% in premarket trading on Friday, extending its massive gains from Thursday's session. DraftKings — Shares rose more than 1% after the online betting company made a $195 million offer for PointsBet's U.S. assets, outbidding Fanatics.
Persons: Piper Sandler, Oppenheimer, Cava, —, Jesse Pound Organizations: Virgin Galactic —, Adobe, Markets, Micron Technologies, Bloomberg, Micron, DraftKings, PointsBet's U.S Locations: India
☆ Fanatics holds second investor day as the company moves toward IPO
  + stars: | 2023-06-13 | by ( Jessica Golden | ) www.cnbc.com   time to read: +2 min
Portrait for a profile on Fanatics founder & CEO Michael Rubin at his office in downtown NYC. Fanatics held its second investor day in nearly a year as the company quietly moves closer to an initial public offering, a source familiar with the matter tells CNBC. Investors were also treated to a surprise visit by football great Tom Brady, an investor in the company. Last November, Rubin gathered sell-side analysts for a meet-and-greet and to talk about his growth plans for the company. And in April, the company announced it was hiring Deborah Crawford from Meta to lead investor relations, a new position at the company.
Persons: Michael Rubin, Goldman Sachs, Tom Brady, Brady, Rubin, Deborah Crawford, Ness Organizations: CNBC, Barclays, NBA Players Association, Philadelphia 76ers, New Jersey Devils, NFL, NHL, NBA, MLB, Topps, CNBC Disruptor Locations: York, NY, NYC, New York, Florida, Meta, U.S
☆ A pair of sports betting deals has the gaming industry asking, 'Who's next?'
  + stars: | 2023-05-15 | by ( Contessa Brewer | ) www.cnbc.com   time to read: +1 min
Fanatics' splashy $150 million acquisition of PointsBet's U.S. business wasn't the only deal in gambling in recent days — and it could be a sign of more to come. Fanatics on Sunday announced it has agreed to buy PointsBet's U.S. assets, a long-rumored tie-up. Fanatics CEO Michael Rubin previously vowed to launch sports betting operations in every state where it's legal, except New York. For Fanatics, the deal really pays off when it comes to upfront licensing fees it would need to pay in new states. "We're really able to save tens of millions of dollars worth of upfront license fees by leveraging PointsBets footprint versus going at it with a new footprint," said Matt King, Fanatics CEO of Betting and Gaming, on Monday.
☆ Fanatics to buy PointsBet's U.S. assets for about $150 million, sources say
  + stars: | 2023-05-14 | by ( Alex Sherman Jessica Golden | Alex Sherman | Jessica Golden | ) www.cnbc.com   time to read: +2 min
PointsBet forecast a loss of between $77 million and $82 million for the second half of the year. "This is a 10-year journey," Matt King, the CEO of Fanatics Betting, said at the SBC Conference earlier this month. You can kind of move slower, slightly slower today, in order to move fast later." Fanatics owns commerce assets, a sports trading card business, and is building out a sports betting division. The company acquired legendary trading card company Topps for $500 million last year.
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