Posts tagged with "Lucasfilm"

Bob Iger, eBay, Rich Paul, and Chernin Group team up to buy 25% stake in toy maker Funko

Nay 9, 2022

A consortium including former Disney CEO Bob Iger, sports agent Rich Paul,  eBay, and the  film and television production company Chernin Group is buying a 25% stake in toy maker Funko, reports CNBC.

The investment, which is worth $263 million, or $21 per share, means Chernin will add two directors to Funko’s board. Chernin Group CEO Peter Chernin and Iger will serve as advisors to the board.

Shares of Funko were initially halted on the news, but late on Thursday, May 5, resumed trading after hours—jumping more than 20% to around $21 per share.

“We believe Funko is significantly undervalued in the public markets and at this highly attractive entry price provides a runway of opportunity and growth potential,” Chernin said in a statement Thursday. “There are many areas of identifiable growth across content, commerce, marketplaces, consumer products and technology that should drive substantial increases to Funko’s performance.”

In addition to his investment business, Chernin produces television and films through Chernin Entertainment, which launched titles such as “New Girl,” “Hidden Figures,” “The Greatest Showman” and “Ford v Ferrari.” Previously, he served as president and COO of News Corp; and chair and CEO of the Fox Group, where he helped greenlight “Titanic” and “Avatar,” two of the highest-grossing films of all time.

Iger is well-known in the entertainment industry for leading the charge at Disney to acquire Pixar, Marvel, Lucasfilm and, most recently, 20th Century Fox. Many of the characters from franchises within these brands can be found as part of Funko’s product line.

Paul, CEO and founder of Klutch Sports Group and head of sports at United Talent Agency, is expected to bring his expertise in the sports and music sectors to help advance Funko’s product expansion in those areas. He represents LeBron James.

As part of the investment, eBay and Funko agreed to make eBay the preferred secondary market for Funko products. They will also team up for exclusive product releases.

“Funko sits at the intersection of pop culture, passion and collectibles, with one of the most engaged communities of enthusiasts,” said Stefanie Jay, eBay chief business and strategy officer, in a statement. “Building on the incredible appetite for Funko products on eBay, we look forward to what our companies can do together.”

Research contact: @CNBC

Disney+ to come out of the starting gates in November

April 15, 2019

Disney’s bold new foray into subscription streaming with Disney+ got a thumbs-up from investors on April 12—pushing shares up over 10% in morning trading ,  while Netflix’s stock was down more than 3%, Variety reported.

The global entertainment and theme park company announced that its Disney+ subscription video on demand (SVOD) service would cost $6.99 per month, which is nearly half the price of Netflix’s standard $13 monthly plan.

Disney is investing heavily in Disney+’s U.S. launch, slated for November 12, the news outlet said. In fiscal 2020, the Mouse House will spend $1 billion in cash on original programming for Disney+, while it will have just under $1 billion in operating expenses, Disney CFO Christine McCarthy told analysts.

The platform will be supported by subscriptions; not advertising. Indeed, Disney’s projections for Disney+ — to reach 60 million-90 million subs by fiscal year 2024—were far above Wall Street expectations. The breakeven point for the SVOD service of FY 2024 also is more aggressive than analysts predicted, Variety said.

Out of the gate, the news outlet reported, Disney+ will be the exclusive U.S. SVOD streaming home for Disney, Marvel, Pixar, and Lucasfilm films—starting with 2019 releases, which include “Captain Marvel,” “Avengers: Endgame,” “Aladdin,” “Toy Story 4,” “The Lion King,” “Frozen 2,” and “Star Wars: Episode IX.”

All told, Disney+ will include 25 original series, including Jon Favreau’s Stars Wars-set “The Mandalorian” and a “High School Musical” series; along with ten original films and specials. In addition, it will be stocked with 400 library films — including 18 Pixar titles, nearly all Marvel movies and, within the first year, all the movies in the Star Wars franchise — and 100 recent movie releases from the Disney portfolio.

Also, it will feature 7,500 episodes of current a past TV shows; that includes 30 full seasons of “The Simpsons,” which are moving from FX’s Simpsons World app to the new service — one tangible result of Disney’s Fox takeover.

Disney will “likely” intro a discounted bundle of Disney+, ESPN+ and Hulu, Kevin Mayer, chairman of the company’s Direct-to-Consumer and International segment said on April 11 — which will give the company additional levers to play with. In addition, Disney’s absorption of Fox’s entertainment assets provides “an unparalleled arsenal of IP to support its streaming services,” Patrice Cucinello, a director at Fitch Ratings, told Variety.

The announcement of the $6.99 monthly price point “generated a collective gasp in the room,” MoffettNathanson principal analyst Michael Nathanson said in a note published Friday. The service “looks like a bargain compared to other entertainment options.” Nathanson reiterated a “buy” rating on Disney stock and boosted his target price to $141 per share (up $7).

Research contact: @Variety