Big changes are afoot at Funko and Goliath as both companies work to reshape their futures.
Goliath acquired the assets of Funko’s board game development studio, formerly known as Forrest-Pruzan Creative, and the design team, Prospero Hall. The deal comes alongside a multi-year licensing agreement under which Goliath will serve as the exclusive worldwide distributor for Funko’s existing catalog of games and puzzles, the inventory of which it has already acquired. Going forward, the companies will collaborate on new titles with Goliath paying Funko royalties for the use of its brand.
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. 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."
The first Funko Games introduction from Goliath is Bitty Pop! Chase, a new game that includes Funko’s Bitty Pop! figures that were first previewed at Toy Fair London last January. The Bitty Pop! line launched to immediate success by bringing the Pop! form factor into the realm of miniature/micro collectibles with top licenses including Disney, Friends, Five Nights at Freddy’s, Star Wars, Teenage Mutant Ninja Turtles, and more.
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 heads into the upcoming London Toy Fair and Spielwarenmesse trade shows with plans to showcase products from Funko Games alongside a growing lineup of products, the details of which are on the horizon.
While financial details of the Funko x Goliath deal have not been revealed, Goliath made an initial payment to Funko for the acquisition of its games assets and inventory and will make minimum guaranteed royalty payments for use of the Funko brand in the future.
For more industry happenings and a preview of products in the pipeline, look for the 2024 edition of The BIG Toy Book next month. Not a subscriber? Sign up today and celebrate 40 years of The Toy Book with a six-issue subscription to North America’s leading trade publication serving the toy industry for just $40.
