The consortium led by The Chernin Group (TCG) has made a $263 million investment in Funko, a pop culture lifestyle brand, in an all-secondary transaction.
The Chernin Group is a multi-stage investment firm. Its investor consortium includes eBay, Robert Iger, and Rich Paul. TCG and its investor consortium are acquiring from ACON Investments 12,520,559 shares of Funko Class A common stock at $21.00 per share. They will own 25 percent of the firm following the completion of the transaction. eBay will become the preferred secondary marketplace for Funko and the companies will also partner on creating exclusive product releases.
Andrew Perlmutter, Funko’s CEO, said, “TCG is an ideal partner for Funko based on its expertise, deep understanding of the markets we serve, and track record of working successfully with companies in the pop culture and entertainment space to create value and drive growth. With their support, we are even better positioned to continue developing great products that delight our fans and broadening our base through expanded offerings and new categories.”