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Chernin-Led Investor Consortium to Invest USD 263m in Funko.

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MANews-(C)2009-2022

US-based investment firm The Chernin Group (TCG) is leading an investor consortium that has agreed to make a USD 263m investment in Washington-based pop culture lifestyle brand Funko, Inc. (NASDAQ: FNKO), in an all-secondary transaction, the company said.

TCG and its investor consortium are acquiring from ACON Investments 12,520,559 shares of Funko class A common stock, or 80% of ACON Investments' stake in Funko, at USD 21.00 per share and will own 25% of the company following completion of the transaction.

Additional investors in the consortium include eBay Inc. (NASDAQ: EBAY), Robert A. Iger (Former Disney chairman and CEO) and Rich Paul (CEO and Founder of Klutch Sports Group and Head of Sports at United Talent Agency).

TCG believes the investment will help reinforce Funko's position in the pop culture collectibles space and advance the company's strategic growth initiatives, which include maximising the core business by expanding its premium intellectual property and Pop! aesthetic into new content areas.

It will also expand Funko's pop culture platform through the addition of adjacent physical and digital categories and brands, both organically and through acquisition as appropriate, growing its Direct-to-Consumer business, and extending its reach into international markets.

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