TOPPS merger with $MUDS terminated, days before SPAC merger vote. Fanatics, in their ongoing effort of building market share in the collectibles market, has cemented a deal with Major League Baseball and the MLB Players Association for the exclusive licenses to produce baseball cards. According to a memo released today from the MLB players association, a subsidiary company of Fanatics that has yet to be name will be the exclusive licensee "in the baseball card category" at the end of 2022.
For all the right reasons, baseball fans and collectors are livid! This new license deal ends an era for TOPPs, who’ve produced cards for the last 70 years. The deal also includes the NBA and the NFL who will have an equitable stake in this new venture. The Fanatics deal is a blow to card giant TOPPS, which first produced baseball cards in 1951, when cards were packaged with gum. TOPPS was founded in 1938 and was a public company for several years until it went private in 2007 with a nearly $400 million deal, spearheaded by Michael Eisner, former Chairman & CEO of Disney.
In April, after sales hit $460 million in 2019 and $567 million in 2020, TOPPS announced it was going public again Mudrick Capital Acquisition Corp. (ticker: MUDS) a behemoth accord that vaulted TOPPS to a $1.3 billion valuation. Without baseball, its flagship sport, TOPPS will have only soccer -- notably, Major League Soccer.
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