Fanatics Completes the Clean Sweep

📅 Blast from the past… Topps had planned to go public via SPAC this past August at a ~$1.3 billion valuation, but the deal fell apart soon after it lost its contract with the MLB.

• As we mentioned at the time, this tactic is nothing new for Fanatics. In 2016, the company beat out Majestic for the 10-year MLB uniforms contract then gobbled them up four years later.

⚾🏀🏈 Zoom out: Fanatics launched its trading card venture last year after securing exclusive, long-term rights agreements with the MLB and its Players Association, the NBA and its Players Association, and the NFL Players Association.

• The company's move couldn't have come at a better time, as sports trading cards are decidedly back in fashion – nine of the ten most expensive cards in history have all been sold over the past year-and-a-half.

👁️ Looking ahead… Fanatics' MLB deal wasn't set to begin until after the 2025 season, but it'll effectively start following the acquisition's completion since Topps holds the current contract.