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Why Funko Stock Soared Today

TheMotleyFool

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Shares of Funko (NASDAQ: FNKO) surged 26.9% on Friday after a star-studded investment group took a large equity stake in the pop culture-focused toy and accessory maker.

In conjunction with its first-quarter earnings report, Funko announced that a consortium of investors led by advisory firm The Chernin Group agreed to acquire a 25% stake in the company. The shares will be purchased from ACON Investments for $263 million, or $21 per share. Members of the consortium include eBay (NASDAQ: EBAY), former Disney CEO Bob Iger, and respected sports agent Rich Paul.

Image source: Getty Images.

Source Fool.com

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