New Fanatics Trading Card Business Valued at Over $10 Billion

Fanatics Inc.’s new trading card business, created through several surprise deals last month, received fresh funding that values the business at $10.4 billion, according to a person familiar with the matter.

The $350 million round for Fanatics Trading Cards was funded by entertainment company Endeavor, private equity firm Silver Lake and venture capital firm Insight Partners. The three investors represent about 3.4% of ownership, with Fanatics accounting for more than 80% of the business.

A spokesperson for Fanatics declined to comment on the investment.

Fanatics and its top executive Michael Rubin shook the trading card industry this ...