Fanatics Explores Tender at Discounted $25 Billion Valuation (1)

Fanatics Inc. is in discussions to facilitate the sale of employee shares at a discounted valuation of $25 billion for the entire business.

The company, which sells licensed merchandise and collectibles to sports fans, is discussing a tender offer of between $75 million and $100 million at a roughly 19% discount to the valuation it obtained in a December 2022 funding round, a person with knowledge of the situation said, declining to be identified discussing confidential information.

Terms of the tender could change and the transaction could fall apart.

“We are responding to incoming interest in our shares from numerous ...