As Per The Source, Sports merchandise company Fanatics is now valued at $18 billion after investments from JAY-Z and Roc Nation among others. The company secured $325 million to start a new company within its current umbrella, CNBC reports.
Fanatics will focus on revenue streams outside of merchandising and will be lead by Michael Rubin as the chief executive officer. Fanatics is planning to make $3.4 billion in revenue this year, according to The Wall Street Journal.
The team has now added former Los Angeles Dodgers president Tucker Kain for chief strategy and growth officer and Matt King, the former CEO of Fan Duel.
For Hov, the investment continues after successful moves with Armand de Brignac and LVMH and Square.
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About Jay-Z
Shawn Corey Carter (born December 4, 1969), known professionally as Jay-Z (stylized as JAY-Z) is an American rapper, songwriter, record executive, businessman, and media proprietor. He is widely regarded as one of the most influential hip-hop artists in history and is also well known for being the former CEO of Def Jam Recordings, cultivating major industry artists such as Rihanna and Rick Ross.
About The Source
The Source is a well-known and respected online magazine that provides news from around the world. With millions of visitors each month, it has become one of the most read mediums of 2021.
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