JAY-Z is supporting the business of one of his close friends with his latest investment. As multiple news outlets reported, the emcee and his Roc Nation entertainment company are some of the newest investors behind Fanatics, a sports merchandise company helmed by Michael Rubin. The $325 million funding round, which also includes donations from the MLB, SoftBank, Silver Lake, Eldridge, TWG Sports Media & Entertainment and Insight Partners, now brings the value of Rubin’s company to $18 billion.
Fanatics earned its reputation as an e-commerce company but is looking to expand into avenues outside of the world of merchandising. According to Chairman Rubin, who will serve as the chief executive officer, new hires have been brought onto the team to explore opportunities in the sports sector like sports gambling, gaming, new ticketing models and NFTs.
“We’ve realized we have this incredible opportunity but to really transition to a leading e-commerce company to building the leading digital sports platform,” Rubin said of Fanatics’ recent transition. “That means, as a sports fan, you go to Fanatics and get any sports product that’s important to you.” There are currently no plans of going public anytime soon.
“I think going public is an option for us that we talk about a lot, but it’s not something we’re focused on today,” said Rubin. “We’re focused on building a business. But I think we’re well-financed and have a lot of growth capital to continue to grow.”
JAY’s support of his REFORM Alliance partner comes days after his investment into Landis Technologies — a startup company that intends to help make low-income renters become homeowners. The donations from Hov, Will Smith, Cash App, Instacart and more will be used to purchase homes that will be rented out to low-income families who are working to save money, build credit, minimize debt and become eligible for mortgage.
YOU MIGHT ALSO LIKE
Below, our gift guide highlights some of our favorite Walmart finds for anyone in need of a home refresh.
“REVOLT Black News” correspondent Kennedy Rue counts down the top five moments from the 2023 Billboard Music Awards, including surprising wins, historic firsts, and dope performances. Sponsored by Amazon.
On Oct. 10, Walmart unveiled a brand new, state of the art creative studio on the campus of Central State University.
The Walmart HBCU Black & Unlimited Tour made its final stop at Mississippi Valley State University (MVSU) and left a lasting impact on students and alumni alike.
After unveiling their state of the art creative studio on the campus of Central State University, Walmart brought the HBCU Black & Unlimited Tour to Virginia State University (VSU) on Oct. 13.
Walmart HBCU Black & Unlimited Tour brings attention and wisdom to North Carolina Central University
On Oct. 17, Walmart brought the third stop of the HBCU Black & Unlimited Tour to North Carolina Central University (NCCU).
In October, Walmart unveiled a brand new, state of the art creative studio on the campus of Central State University. The HBCU located in Wilberforce, OH was the first stop on Walmart’s Black and Unlimited HBCU Tour.
In this new episode of ‘Bet on Black,’ food and beverage take center stage as aspiring Black entrepreneurs from It’s Seasoned, Black Farmer Box, and Moors Brewing Co. present their business ideas to judges with mentorship from Melissa Butler. Watch here!
REVOLT is continuing its impactful partnership with Walmart by teaming up to showcase Black creatives at HBCUs all-across America. The panel consisted of three experienced, accomplished Black HBCU alumni: Actor and media personality Terrence J, entertainment attorney John T. Rose, and actress and “REVOLT Black News” correspondent Kennedy-Rue McCullough.
The health of a community can often be traced to the health of the environment that surrounds it. In Atlanta, a woman named Dr. Jaqueline Echols has dedicated her life to helping ensure that people in economically underserved communities have clean rivers – for better health and for the joy of outdoor recreational space.
Groovey Lew on hip hop style, Johnell Young's industry secrets, BGS salon's wig mastery and more | 'Black Girl Stuff'
Fashion King Groovey Lew on masterminding hip-hop’s most iconic looks. Actor Johnell Young reveals the secret to breaking into the entertainment industry. Celebrity hairstylist Dontay Savoy and got2B ambassador Tokyo Stylez are in the BGS Salon with the perfect wig install. Plus, comedian Lauren Knight performs.
On this all-new episode of “On In 5,” multitalented Nigerian artist Pheelz opens up about waiting for his opportunity to fully express himself through music, his inspirations and emotions, and the musical icons he grew up admiring. Watch!
Tiffany Haddish on therapy, wild fan interactions & the upcoming 'Haunted Mansion' movie | 'The Jason Lee Show'
On this all-new episode of “The Jason Lee Show,” the one and only Tiffany Haddish sits for a must-watch conversation about wild interactions with fans, her new movie ‘Haunted Mansion,’ bringing her therapist on dates, and being present. Watch the hilarious interview here.
Kareem Cook talks growing up in The Bronx, studying at Duke & networking | 'The Blackprint with Detavio Samuels'
On this all-new episode of “The Blackprint with Detavio Samuels,” the host and REVOLT CEO sits down with Kareem Cook. Throughout the introspective episode, Cook talks growing up in The Bronx, studying at Duke and being nervous to be in the South at the time, network vs. education, taking advantage of your opportunities, and connecting with Debbie Allen. Watch!
For this all-new episode of “On In 5,” singer-songwriter BNXN discusses his journey from IT to music, finding his voice and originality, linking up with Wizkid for their hits “Mood” and “Many Ways,” and what fans can expect from him this year — including a new album. Watch the full episode here!
In this exclusive interview, DDG opens up about his fashion inspiration, what drew him to girlfriend Halle Bailey, dealing with negative opinions about his relationship, and more. Read up!