Sports merchandise company Fanatics is expanding into media, gaming, NFTs and other digital sports verticals. CEO Michael Rubin joins SquawkCNBC to discuss.
Investors in the raise include music tycoon Jay Z and his entertainment company Roc Nation.
Fanatics Founder/Executive Chairman Michael Rubin attends Fanatics Super Bowl Party at College Football Hall of Fame on February 2, 2019 in Atlanta, Georgia.The Florida-based e-commerce firm plans to focus on revenue streams outside of merchandising. The division will be led by Fanatics chairman Michael Rubin, who will serve as chief executive officer. Fanatics claims it will make $3.
Former Los Angeles Dodgers president Tucker Kain joined the firm as chief strategy and growth officer. Matt King, Fan Duel's former CEO, is expected to help lead a sports gambling and gaming division. It's still unclear the role Fanatics might play within the sports gambling sector. The company explored acquiring sports gambling provider PointsBet, but those discussions ended.SoftBankThe investment continues an active 2021 for Jay Z. Last February, Moet Hennessy, the wine and spirits division of luxury conglomerate
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