eBay To Be Preferred Secondary Marketplace For Funko Pop!
eBay has joined a consortium that will acquire $263 Million in Funko - with some very nice perks for the company as they will become the preferred secondary marketplace for Funko as well as partner on exclusive product releases.
The Chernin Group
TCG and its investor consortium are acquiring from ACON Investments 12,520,559 shares of Funko Class A common stock, or 80% of ACON Investments' stake in Funko, at $21.00 per share and will own 25% of the Company following completion of the transaction. Additional investors in the consortium include eBay Inc. (Nasdaq: EBAY), Robert A. Iger (Former Disney Chairman and CEO) and Rich Paul (CEO and Founder of Klutch Sports Group and Head of Sports at United Talent Agency). In conjunction with the investment, TCG will designate two directors to the Board including Jesse Jacobs, TCG Co-Founder and Partner. The additional director will be designated at a later date. Mr. Iger and Peter Chernin, TCG Co-Founder and Partner, will provide guidance and strategic insight as advisors to the Funko Board.
As part of this investment, Funko and eBay are entering into a commercial agreement under which eBay will become the preferred secondary marketplace for Funko and the companies will also partner on creating exclusive product releases....
..."Funko sits at the intersection of pop culture, passion and collectibles, with one of the most engaged communities of enthusiasts," said Stefanie Jay, eBay Chief Business and Strategy Officer. "Building on the incredible appetite for Funko products on eBay, we look forward to what our companies can do together. The investment and partnership with Funko will make eBay the preferred resale marketplace for Funko fans around the world and give customers new and exclusive products."
Longtime readers will know I've been critical in the past of eBay partnering with Funko to promote presale events that violated eBay policies and FTC 30 day mailing rules.
Liz Morton ~ Founder
One would hope that becoming the official preferred secondary market for Funko will put eBay in a position to make sure that policies are followed going forward, but based on their recent partnership with Metazoo, I wouldn't hold your breath.
Liz Morton ~ Founder
eBay has responded to my BBB complaint twice. The first time they told me that I deserved below standard because my shipping scans were below the threshold. However, I had to quote their own website to them saying that shipping numbers cannot lead to downgrade to Below Standard.
The second response they just said I would be restored on May 20th completely ignoring the issue at hand, admitting an issue existed, or offering any type of solution.
If this concerns you, this happened to you, or worried it may happen, please take action. In fact, take action anytime eBay is doing somethning wrong. They will change nothing if you don't say anything. If enough people speak up, they do make changes.
Promoted Listings has changed the game and removing the ability for someone to promote not only cost eBay the revenue, it makes a persons listings invisible. Today is my last day Below Standard and I will finish with 91.8% reduction in impressions, 53.8% drop in listing page views, and 78% drop in revenue.
Your fortunate to get the negative feedback removed. I just had to escalate to the customer service team getting a couple removed where the customer did not read the listing and one complained a part was not included that wasn't being sold and the other didn't read that the vacuum had an issue requiring repair. My appeals were denied without explanation. I have not had them remove feedback since they changed the process over a year ago. I have to escalate to social media and they fight me on it every time.
Most importantly - please take action. Submit feedback on their website, contact the social media team on Facebook, or however you prefer. These issues will remain if we just stay quiet. I let this go before, not this time. Today I will return to Above Average but I am fighting this until something changes.