Funko soars after attracting new investor, striking deal with eBay
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Funko Inc. (NASDAQ:FNKO) traded higher on Friday as investors sized up the deal by a consortium led by The Chernin Group to make a $263 million strategic investment in the company in an all-secondary transaction.
Chernin and its investor consortium are acquiring from ACON Investments 12,520,559 shares of Funko (FNKO) at $21.00 per share.
Chernin and the consortium will own 25% of Funko (FNKO) following completion of the transaction. Additional investors in the consortium include eBay Inc. (NASDAQ:EBAY), former Disney boss Robert Iger and Klutch Sports Group CEO Rich Paul.
Chernin will land two board seats at Funko (FNKO) as part of the investment.
As part of this investment, Funko (FNKO) and eBay (EBAY) are entering into a commercial agreement under which eBay will become the preferred secondary marketplace for Funko and the companies will also partner on creating exclusive product releases. 
Shares of Funko (FNKO) jumped 16.63% premarket to $19.50 vs. the 52-week trading range of $15.28 to $27.20.