Sports merchandise company Fanatics secured a $325 million money raise to expand into new sectors within its parent umbrella. It’s now valued at $18 billion, sources told CNBC.
The Florida-based e-commerce firm plans to focus on revenue streams outside of merchandising. The division will be led by Fanatics Chairman Michael Rubin, who will serve as chief executive officer. Fanatics claims it will make $3.4 billion in revenue this year, according to The Wall Street Journal.