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Funko Inc., a US-based company that makes licensed and limited pop culture collectibles, has signed a deal with Goliath Games for exclusive distribution of its products. On Wednesday, Jan. 17, the company said it entered a licensing deal where the latter will acquire the assets of its board game development studio unit and game design team.
As per Market Watch, Funko and Goliath Games agreed to a multi-year global license and distribution business arrangement. Under the contract, the latter will become the sole distributor of Funko's games and puzzle product lineup. The distribution license is for operations worldwide.
Acquisition of Forrest-Pruzan Creative
BNN Breaking reported that Goliath's acquisition of Forrest-Pruzan Creative, Funko's board game studio, is part of the deal. The game company will also take over the latter's game and puzzle catalog, including intellectual property (IP) rights related to the studio.
The deal's financial details were not disclosed, but minimum royalty payments for using the Funko brand in the business will follow Goliath's initial payment. The companies will also engage in the development of new games.
Initial Projects After the Signing of the Contract
Funko and Goliath will kickstart their collaboration by bringing the former's new game, Bitty Pop! Chase to the global market. As its name implies, it will include the brand's Bitty Pop! miniature characters. Moreover, Goliath plans to promote Funko's board games by participating in the upcoming London and Nuremberg toy fairs.
"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," Funko's interim chief executive officer, Mike Lunsford, said in a press release.
"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 Game's CEO, Jochanan Golad, further said, "We look forward to bringing the Funko brand and style to the game aisle in new and innovative ways. We believe we are a perfect fit to partner with Funko to develop and distribute games on a global level and we plan to commence marketing several key games around the world immediately."
Photo by: Funko Press Release
