Funko and Goliath Announce Exclusive Global Deal for Funko Games
18 January 2024 - 8:15AM
Business Wire
Funko, Inc. (Nasdaq: FNKO), a leading pop culture lifestyle
brand, and Goliath, a private family owned and run global game
company, today announced that the companies have entered into an
exclusive worldwide license and distribution agreement for Funko’s
portfolio of games marketed under the Funko Games brand. As part of
the deal, Goliath also acquired the assets of Funko’s board game
development studio, formerly known as Forrest-Pruzan Creative, and
celebrated board game design team, Prospero Hall. Financial terms
were not disclosed.
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Under the multi-year agreement, Goliath will be the exclusive
worldwide distributor of Funko’s current catalog of games and
puzzles and has agreed to collaborate with Funko to develop and
distribute new games and puzzles. The agreement includes an initial
payment from Goliath, followed by future minimum guaranteed royalty
payments for the use of the Funko brand. Additionally, Goliath will
acquire Funko’s current inventory of board games and puzzles, as
well as rights to intellectual property related to the studio.
“Funko Games is a highly regarded brand that includes hundreds
of board games recently created as well as a great portfolio from
Forrest-Pruzan. We look forward to bringing the Funko brand and
style to the game aisle in new and innovative ways,” said Goliath’s
Chief Executive Officer, Jochanan Golad. “With Pressman’s 101 years
and Goliath’s 43 years of selling games, we believe we’re a perfect
fit to partner with Funko to develop and distribute games on a
global level. We plan to commence marketing several key games
around the world immediately. We’re especially thrilled about our
plan to bring to market a new and exciting game called Bitty Pop!®
Chase, which includes Funko’s popular Bitty Pop!® miniature
collectible characters.”
Funko Interim Chief Executive Officer, Mike Lunsford, said, “The
transaction is designed to keep with our previously stated goal of
streamlining our business by focusing on our core assets. We intend
to use the proceeds from this transaction to reduce our debt. We
believe that Goliath’s size and scale, as well as their intimate
knowledge of the global games and toys market, make them a strong
partner for Funko in the board game category.”
Goliath plans to showcase many of the Funko board games at the
upcoming 2024 toy fairs in London and Nuremberg.
About Goliath:
Goliath was founded in 1980 and is one of the few family-owned
global toy and game companies. Goliath is a creator, manufacturer
and distributor of a broad range of products with offices in 15
countries and exporting games to over 100 countries. Example brands
include Rummikub, Wahu, Sequence, Phlat Ball, Triominos, Gator
Golf, Pop the Pig, Doggie Doo, Gooey Looey, Let’s Go Fishin, and
The Floor is Lava.
Goliath has seen substantial growth with the acquisitions of
Pressman, JAX Games, Endless Games, Tucker Toys in the US, Vivid
Toy Group in the UK, Crown & Andrews, Wahu and Colorific in
Australia and Elephanta in New Zealand.
Goliath is a global leader in promoted games and operates across
all classes of the games category. For more information, please
visit www.goliathgroup.com.
About Funko:
Headquartered in Everett, Washington, Funko is a leading pop
culture lifestyle brand. Funko designs, sources and distributes
licensed pop culture products across multiple categories, including
vinyl figures, action toys, plush, apparel, housewares and
accessories for consumers who seek tangible ways to connect with
their favorite pop culture brands and characters. Learn more at
www.funko.com, and follow us on X (@OriginalFunko) and Instagram
(@OriginalFunko).
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including statements regarding Funko’s
agreements with Goliath, the use of funds from the Goliath
transaction, and future product collaboration with Goliath. These
forward-looking statements are based on management’s current
expectations. These statements are neither promises nor guarantees,
but involve known and unknown risks, uncertainties and other
important factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements, including, but not limited to: Funko’s
ability to successfully collaborate with Goliath on future
products. These and other important factors discussed under the
caption “Risk Factors” in our quarterly report on Form 10-Q for the
quarter ended September 30, 2023, and our other filings with the
Securities and Exchange Commission could cause actual results to
differ materially from those indicated by the forward-looking
statements made in this press release. Any such forward-looking
statements represent management’s estimates as of the date of this
press release. While we may elect to update such forward-looking
statements at some point in the future, we disclaim any obligation
to do so, even if subsequent events cause our views to change.
These forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of
this press release.
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Funko Contacts: Investor Relations
Investorrelations@funko.com
Media Inquiries: Emily Zalenski
Emily.zalenski@funko.com
Shawna Lynch 42West for Funko Shawna_lynch@bhimpact.com
Goliath Contacts: Media Inquiries: Kotomi Nanjo
k.nanjo@goliathgroup.com
Donna MacNeil dmacneil@beaconmediagrp.com
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