What Happened to The Topps Company, Inc.?
Topps, an iconic American company founded in 1938, built its legacy on trading cards and confectionery. After a period of private ownership under Michael Eisner's Tornante Company, its core trading card business was acquired by Fanatics in January 2022 for approximately $500 million, following the loss of key Major League Baseball licensing rights and a terminated SPAC merger. The Topps brand continues to thrive under Fanatics, expanding its sports and entertainment card offerings, while its former candy division was sold separately.
Quick Answer
The Topps Company, renowned for its trading cards and Bazooka bubble gum, underwent a significant transformation in the early 2020s. After a planned $1.3 billion SPAC merger fell through due to losing its exclusive Major League Baseball licensing rights to Fanatics, Topps' trading card and collectibles business was acquired by Fanatics Inc. in January 2022 for an estimated $500 million. Today, the Topps brand operates as a subsidiary of Fanatics, continuing to produce a wide range of licensed sports and entertainment cards, including a return to NFL-licensed cards in April 2026, while its confectionery business was divested.
📊Key Facts
📅Complete Timeline15 events
Topps Chewing Gum, Inc. Founded
The Topps Company was founded by the four Shorin brothers in Brooklyn, New York, initially focusing on confectionery products.
Bazooka Bubble Gum Introduced
Topps launched its highly successful Bazooka Bubble Gum, often packaged with small comics featuring Bazooka Joe.
Entry into Baseball Card Market
Topps began producing baseball trading cards, quickly becoming a major player in the emerging collectibles industry.
Acquisition of Bowman Gum Company
Topps acquired its main rival, Bowman Gum Company, solidifying its dominant position in the sports trading card market.
Acquired by Michael Eisner's Tornante Company
Topps was acquired by Michael Eisner's The Tornante Company and Madison Dearborn Partners for $385 million, taking the company private.
Announces Plans to Go Public via SPAC Merger
Topps announced its intention to go public through a merger with Mudrick Capital Acquisition Corporation II, valuing the combined company at $1.3 billion.
MLB Licenses Lost, SPAC Merger Terminated
Major League Baseball and the MLB Players Association announced they would not renew their licensing deals with Topps, instead partnering with Fanatics, leading to the termination of Topps' SPAC merger.
Trading Card Business Acquired by Fanatics
Fanatics Inc. completed the acquisition of Topps' trading cards and collectibles business for approximately $500 million, integrating the iconic brand into its growing sports platform.
Confectionery Division Rebranded as Bazooka Candy Brands
Topps' candy division, including Bazooka Bubble Gum, was not part of the Fanatics acquisition and was rebranded as Bazooka Candy Brands, remaining under Tornante's ownership.
Bazooka Candy Brands Sold to Apax Partners
The confectionery business, Bazooka Candy Brands, was sold by Tornante to Apax Partners for a reported $700 million.
Topps Digital Services Sold to Ziff-Davis
Topps Digital Services (TDS) was sold to Ziff-Davis for an estimated $170 million, marking the formal end of Michael Eisner's involvement with the former Topps assets.
Topps Unveils 2025 MLB Baseball Card Design
Under Fanatics' ownership, Topps unveiled the design for its 2025 flagship MLB baseball card set, signaling continued product development.
Topps and Premier League Announce New Deal Products
Topps announced the first products of its new licensing deal with the Premier League for the 2025/26 trading card season, expanding its soccer offerings.
Topps Rewards Program Replaced by FanCash
Topps' traditional rewards program was shut down and replaced by Fanatics' Fancash program, integrating Topps further into the parent company's ecosystem.
Return to NFL-Licensed Cards
Topps is set to begin producing NFL-licensed trading cards, marking its return to the football card market after Panini's exclusive license terminates.
🔍Deep Dive Analysis
The Topps Company, Inc. traces its origins back to 1938 when the Shorin brothers founded Topps Chewing Gum, Inc. in Brooklyn, New York. Initially focused on confectionery, the company achieved early success with Bazooka Bubble Gum, introduced in 1947. A pivotal moment came in 1951 with the introduction of baseball trading cards, quickly establishing Topps as a dominant force in the collectibles market, especially after acquiring rival Bowman Gum Company in 1956. For decades, Topps enjoyed a near-monopoly in sports trading cards, particularly with Major League Baseball.
In 2007, Topps was acquired by a consortium led by former Disney CEO Michael Eisner's The Tornante Company and Madison Dearborn Partners for $385 million, taking the company private. Under Eisner's leadership, Topps explored digital ventures and expanded its licensing portfolio beyond traditional sports. However, a significant turning point occurred in 2021 when Topps announced plans to go public through a merger with a Special Purpose Acquisition Company (SPAC), Mudrick Capital Acquisition Corporation II, valuing the company at $1.3 billion.
This IPO attempt was abruptly derailed in August 2021 when Major League Baseball (MLB) and the MLB Players Association (MLBPA) announced they would not renew their long-standing exclusive licensing agreements with Topps, instead striking a new deal with sports merchandise giant Fanatics. The loss of the crucial MLB license, which Topps had held for over 70 years, led to the mutual termination of the SPAC merger. This development was a major blow, as the MLB license was a cornerstone of Topps' sports card business.
In a dramatic turn of events, Fanatics, having secured the future MLB rights, then acquired Topps' trading cards and collectibles business in January 2022 for approximately $500 million. This acquisition allowed Fanatics to immediately leverage Topps' established brand, manufacturing capabilities, and existing licenses with other entities like UEFA, Bundesliga, MLS, and Formula 1, rather than building a trading card operation from scratch. The confectionery division, including Bazooka Candy Brands, was not part of the Fanatics deal and remained under Tornante's ownership, later being sold to Apax Partners in October 2023 for $700 million. Additionally, Topps Digital Services (TDS) was sold to Ziff-Davis in early 2024 for an estimated $170 million, formally concluding Michael Eisner's era of ownership.
As of March 2026, The Topps Company operates as a vital part of Fanatics Trading Cards. The brand continues to release new products, including its flagship MLB baseball card sets, and has expanded its global footprint. A significant development for collectors is Topps' impending return to producing NFL-licensed cards, with its exclusive license set to begin on April 1, 2026, following the termination of Panini's previous exclusive agreement. Topps also announced new Premier League trading card products for the 2025/26 season in July 2025. The company has also integrated into Fanatics' broader ecosystem, with its rewards program transitioning to the Fanatics' Fancash program in early 2026. This strategic integration aims to create a more unified experience for collectors across Fanatics' diverse sports merchandise and collectibles platforms.
What If...?
Explore alternate histories. What if The Topps Company, Inc. made different choices?