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Funko, Inc. (NASDAQ: FNKO) has announced the appointment of Rich Paul to its Board of Directors, contingent upon the completion of ACON Investments' stock sale to The Chernin Group. CEO Andrew Perlmutter expressed enthusiasm for Paul's extensive experience in sports and music, which is expected to enhance Funko's fan engagement and licensing strategies. Funko continues to diversify its product offerings, recently launching the GOLD™ line dedicated to music and sports collectibles, further strengthening its market position.
Positive
Appointment of Rich Paul expected to enhance leadership and strategic direction.
Expansion of product lines, such as GOLD™, targeting sports and music collectibles.
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Mr. Paul, CEO and Founder of KLUTCH Sports Group, also serves on United Talent Agency’s and Coliseum Acquisition Corporation’s Board of Directors
EVERETT, Wash.--(BUSINESS WIRE)--
Funko, Inc. (“Funko”) (Nasdaq: FNKO), a leading pop culture lifestyle brand, today announced the appointment of Rich Paul to the company’s Board of Directors, effective upon the closing of the pending sale of Funko stock by ACON Investments to The Chernin Group.
“We’re thrilled to have Rich join our Board of Directors at such a pivotal time for the company,” said Andrew Perlmutter, Chief Executive Officer at Funko. “Rich is a preeminent sports agent and leading business professional who brings a wealth of experience in sports and music that we believe will greatly benefit our fan community and licensing team.”
“The deep connection Funko has cultivated with its fan and collector community is a key differentiator in today’s crowded field of licensed merchandise,” said Mr. Paul. “Funko’s product assortment and approach to pop culture reflects the diversity of its fanbase and I couldn’t be more excited to join the team.”
The Company continues to invest in growing its sports and music line of collectibles. Last year, Funko unveiled GOLD™, a line dedicated to spotlighting iconic music and sports luminaries. The Company also transformed an area of its Funko Hollywood store into a mecca of Funko GOLD™, featuring life-size statues and a larger-than-life throne to create the perfect photo opportunity. Fans can shop for 5-inch or 12-inch vinyl figurines of athletes from the NFL and NBA on Funko.com.
In addition to Funko, Inc., Paul also serves on the boards of KLUTCH Sports Group, United Talent Agency and Coliseum Acquisition Corporation.
About Rich Paul
Rich Paul is the CEO and founder of KLUTCH Sports Group, the powerhouse sports agency representing some of the biggest athletes across major professional sports. Paul founded KLUTCH in 2012 in his hometown of Cleveland, Ohio where he forged a unique and personal approach to representing some of the top NBA talent – putting athletes first and empowering them to build careers and brands on and off the court. In 2019, KLUTCH partnered with United Talent Agency (UTA). Paul serves as UTA’s Head of Sports and is an agency partner, and was appointed to UTA’s Board of Directors in 2020. Paul continues to be one of the most prominent and innovative agents in the space and in 2019, was named GQ’s “Power Broker of the Year” and “The King Maker” on the cover of Sports Illustrated. Variety recently named Paul to their “Variety500” list of the most influential business leaders shaping the global media industry and in April, TIME recognized KLUTCH on its first-ever list of TIME100 Most Influential Companies. Paul is also credited with driving the reversal of the so-called “Rich Paul Rule,” which would have banned agents without a college degree from representing NCAA student-athletes.
About Funko
Headquartered in Everett, Washington, Funko is a leading pop culture lifestyle brand. Funko designs, sources and distributes licensed pop culture products across multiple categories, including vinyl figures, action toys, plush, apparel, housewares and accessories for consumers who seek tangible ways to connect with their favorite pop culture brands and characters. Learn more at www.funko.com, and follow us on Twitter (@OriginalFunko) and Instagram (@OriginalFunko).
What is the significance of Rich Paul's appointment to Funko's Board of Directors?
Rich Paul's appointment is significant as he brings extensive experience in sports and music, which is expected to enhance Funko's engagement with its fan community and improve licensing strategies.
When will Rich Paul officially join the Funko Board of Directors?
Rich Paul will officially join the Funko Board of Directors upon the closing of the pending sale of Funko stock by ACON Investments to The Chernin Group.
How is Funko positioned in the collectibles market?
Funko is a leading pop culture lifestyle brand that continues to invest in growing its collectibles line, including its recent GOLD™ series focused on music and sports.
What impact might Rich Paul's experience have on Funko?
Rich Paul's extensive background in sports representation may provide fresh insights and strategies to strengthen Funko's market presence and fan engagement.
