According to CNBC, which cited an internal email obtained by the network, Fanatics is selling its 60% stake in sports-focused NFT company Candy Digital to a group led by Galaxy Digital. According to CNBC, the deal’s terms were not disclosed. In an internal email, Fanatics CEO Michael Rubin stated, “Divesting our ownership stake at this time allowed us to ensure investors were able to recoup the majority of their investment via cash or additional shares in Fanatics – a favourable outcome for investors, especially in an imploding NFT market that has seen precipitous drops in both transaction volumes and prices for standalone NFTs.”
