Fidelity Said to Be in Talks to Back Sports Retailer Fanatics

Fidelity Investments is in talks to invest in Fanatics Inc. in deal that could raise $350 million for the sports merchandise retailer, according to people with knowledge of the matter.

The funding round is slated to value the company at significantly more than the $4.5 billion it was worth in its last funding round in 2017, said the people, who asked not to be identified because the talks are private. Joshua Kushner’s Thrive Capital is also in talks to invest in the round, some of the people said. The fundraising hasn’t been finalized and the terms and investor lineup may ...