Fanatics today is announcing plans to expand beyond just e-commerce and into different businesses. Those potential growth areas are in sports betting, iGaming, media and ticketing, though there is no definitive timetable for when Fanatics could announce plans in those spaces. Fanatics has already begun its first new vertical, launching Candy Digital as its NFT arm. Candy has deals with MLB and several top college football QBs, including North Carolina’s Sam Howell and Georgia’s J.T. Daniels.
Fanatics Exec Chair Michael Rubin will move into a CEO role overseeing the expanded company. Current Fanatics CEO Doug Mack will remain in that position for the e-commerce division while adding the Vice Chair title for the overall company. All current Fanatics execs will remain in their current roles and report to Mack.
The company’s expansion comes after several high-profile hires this summer. Glenn Schiffman will serve as CFO of the broader company after joining Fanatics last month following a tenure at IAC. Former Dodgers President Tucker Kain will serve as Chief Strategy & Growth Officer of the company, while former FanDuel CEO Matt King will work with Rubin on building new digital companies.
Fanatics also is announcing its latest funding round of $325M that puts the overall company’s current valuation at $18B. New investors Jay-Z, Roc Nation, Eldridge and TWG Sports Media & Entertainment join returning investors that include Softbank, SilverLake, Insight Partners and MLB.