These deals will enhance the overall trading
card hobby, bringing customer-focused innovations and opportunities
to trading card enthusiasts and collectors
SAN
JOSE, Calif., April 10,
2024 /PRNewswire/ -- eBay Inc. (NASDAQ: EBAY), a
global commerce leader that connects millions of sellers and buyers
around the world, and Collectors, parent company of PSA, the
leading third party authentication and grading provider in the
collectibles industry, today announced they signed definitive
agreements to enter into a series of transactions that include a
commercial agreement, the sale of Goldin from Collectors to eBay,
and the sale of the eBay vault from eBay to PSA. The differentiated
and complementary strengths of the respective companies will
support more streamlined buying, selling, grading, and storage
experiences for all who participate in the trading card hobby in
the United States ("The
Hobby").
eBay and PSA both have long track records of innovation in
service of The Hobby, from helping people make their first trading
card purchase with confidence, to supporting established small
businesses and collectors with new tools and technology. These
deals represent a compelling opportunity to accelerate innovation
in the industry and enable game-changing benefits for collectors.
Together, eBay and PSA will offer a full, seamless,
customer-centric product experience for the collecting community
that will be unveiled over the coming months.
"eBay is relentlessly focused on providing the best inventory
and the highest level of trust for our global community," said
Jamie Iannone, CEO, eBay. "The deals
announced today further our mission of reinventing the future of
ecommerce for enthusiasts, and we are excited to partner with PSA
to offer a simpler, more personalized experience for passionate
collectors. PSA is a premier player in trading cards and
collectibles with unmatched capabilities, and we believe our shared
expertise will inspire even more people to sell, shop and collect
with confidence."
"This will benefit The Hobby above all else, which is the
primary goal of this innovative partnership between eBay and PSA,"
said Collectors CEO Nat Turner. "We
will drastically improve the collector experience by creating a
seamless, end-to-end journey. No matter an individual collector's
goals, this partnership will make collecting safer, easier and more
fun. We're excited to combine the scale and trust across eBay's
global marketplace with PSA's authentication and grading
expertise."
The newly established partnership will combine complementary
service offerings from each brand to remove friction from The Hobby
and power a sophisticated, integrated program to buy, sell, grade,
and store trading cards and collectible card games. The companies
remain focused on enabling The Hobby while unlocking economic
opportunity for all collectors to enhance their experiences along
their collecting journey.
This partnership will also extend grading services to customers
in the US through a simple and streamlined process, building upon
the existing confidence buyers and sellers have in PSA's grading
expertise. Additionally, PSA will introduce a new service offering
to allow customers to list and sell trading cards on eBay at the
time a card is graded, accelerating time-to-market and quality of
listing. Existing options for grading and sale will remain
available.
eBay's agreement to acquire Goldin, a leading US-based auction
house for high-value trading cards and collectibles, will enhance
existing marketplace offerings by expanding the range of inventory
available to customers and opening up an expansive new audience for
Goldin sellers. This will enable a more well-rounded
collecting experience across price points.
"We see so much opportunity ahead with eBay, and I am incredibly
excited for this new chapter for the Goldin brand," said
Ken Goldin, Founder and CEO of
Goldin. "This deal will enhance and expand our reach as we continue
to do what we do best – source incredible collector's items – and
connect with millions of enthusiasts around the world. I am looking
forward to an amazing future with eBay."
PSA has also agreed to acquire the eBay vault, while maintaining
seamless access to vault services for eBay's U.S. customers. There
will be no immediate changes to the services provided for a period
of time post-closing. After the deal closes, PSA will fold its
existing vault services along with eBay's vault program, into a
newly branded offering with further details coming, including
integrating selling and grading services.
Details on the Transaction
The transactions are subject to customary closing conditions,
and are expected to close simultaneously in Q2 2024.
Centerview Partners is acting as financial advisor on the
acquisition of Goldin and Freshfields is acting as legal advisor to
eBay. Allen & Co is acting as financial advisor and Sullivan
and Cromwell is acting as legal advisor to Collectors.
About eBay
eBay Inc. (Nasdaq: EBAY) is a global
commerce leader that connects people and builds communities to
create economic opportunity for all. Our technology empowers
millions of buyers and sellers in more than 190 markets around the
world, providing everyone the opportunity to grow and thrive.
Founded in 1995 in San Jose,
California, eBay is one of the world's largest and most
vibrant marketplaces for discovering great value and unique
selection. In 2023, eBay enabled more than $73 billion of gross merchandise volume. For more
information about the company and its global portfolio of online
brands, visit www.ebayinc.com.
About Collectors:
Collectors is a leading provider of
authentication, grading and collection management services to the
collectibles market. Collectors provides best-in-class products and
services that allow hobbyists to grade, authenticate, research,
vault and sell their trading cards, memorabilia and other items.
Collectors divisions and subsidiaries include PSA, PCGS, WATA, SGC,
Card Ladder and the Long Beach Expo collectibles trade show. More
information is accessible to collectors and dealers at
Collectors.com. For more information about PSA, please visit
www.psacard.com.
About Goldin
Founded in 2012 by the star of the hit
Netflix docu-series 'King of Collectibles: The Goldin
Touch,' Goldin is an internationally renowned leader in trading
cards, collectibles and memorabilia. As the go-to marketplace for
the most exclusive collectibles across sports, pop culture,
entertainment and history, the company routinely sets records for
the most expensive memorabilia ever sold. Trusted by lifelong
collectors and new hobbyists alike, the company has made over
$1.2 billion in sales since its
humble beginning in 2012, and founder Ken
Goldin has sold more than $2
billion in memorabilia over the course of his illustrious
decades long career. Goldin is the official auction partner of the
Naismith Memorial Basketball Hall of Fame, The Major League
Baseball Players Alumni Association and the Babe Ruth Birthplace
and Museum. Learn more at Goldin, and on X and Instagram.
Forward-Looking Statements
Certain statements herein
are "forward-looking statements" within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements are often identified by words such as "anticipate,"
"approximate," "believe," "commit," "continue," "could,"
"estimate," "expect," "hope," "intend," "may," "outlook," "plan,"
"project," "potential," "should," "would," "will" and other similar
words or expressions. Such forward-looking statements reflect
eBay's current expectations or beliefs concerning future events and
actual events may differ materially from historical results or
current expectations. The reader is cautioned not to place undue
reliance on these forward-looking statements, which are not a
guarantee of future performance and are subject to a number of
uncertainties, risks, assumptions and other factors, many of which
are outside the control of eBay. The forward-looking statements in
this document address a variety of subjects including, for example,
the potential benefits of the commercial agreement with Collectors
and acquisition of Goldin, including with respect to eBay's
offerings and the impact on buyer and seller activity, as well as
the potential impacts of the sale of the eBay vault. The following
factors, among others, could cause actual results to differ
materially from those described in these forward-looking
statements: the possibility that eBay may not fully realize the
projected benefits of the commercial agreement and acquisition; and
business disruption following any of the commercial agreement,
acquisition or sale. In addition, actual results are subject to
other risks and uncertainties that relate more broadly to eBay's
overall business, including those more fully described in eBay's
filings with the Securities and Exchange Commission, including its
annual report on Form 10-K for the fiscal year ended December 31, 2023 and subsequent quarterly
reports on Form 10-Q. The forward-looking statements in this
document speak only as of this date. We undertake no obligation to
revise or update publicly any forward-looking statement, except as
required by law.
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SOURCE eBay Inc. and Collectors