Fanatics Gets $18 Billion Valuation, Reorganizes Under New CEO

Fanatics Inc. raised new funding that values the sports-merchandise business at $18 billion, bolstering the company’s growth prospects as it looks to expand beyond retail into new sectors such as media and sports betting, a person familiar with the matter said.

The $325 million round counts investors such as SoftBank Group Corp.’s Vision Fund and Silver Lake, said the person, who asked not to be identified discussing the details. Other investors taking part include rapper Jay-Z and his entertainment company Roc Nation LLC, Insight Partners, Eldridge, TWG Sports Media & Entertainment, and Major League Baseball, the person said.

Fanatics ...