Michael Rubin’s e-commerce company Fanatics has acquired Topps trading cards, sources close to the deal confirmed to CNBC on Monday night.
Terms of the agreement were not available, but industry sources put the deal at north of $500 million. It will include only Topps’ name and sports and entertainment division, but not the company’s candy and gift cards line, one source said.
Fanatics and Topps declined to provide comment.
An announcement is expected Tuesday.
Last year, Topps was valued at $1.3 billion in a SPAC merger with Mudrick Capital Acquisition Corp. II
The is breaking news. Please check back for more updates.