Fanatics has hired Glenn Schiffman, the CFO of Barry Diller’s media and internet collection IAC, to assist the company in expanding to new verticals beyond sports apparel, according to someone familiar with the plans.
A former media investment banker, Schiffman will be CFO of Fanatics’ new ventures, said the person, who was granted anonymity because the details are still private. His hire does not change the current executive team in place at Fanatics, which already has a CFO for its merchandise division.
A representative for Fanatics declined to comment. Attempts to reach Schiffman weren’t immediately successful.
This is the third major hire that Michael Rubin has made to help Fanatics leverage its size in new areas. The company is the largest seller of official sports merchandise and has built a database of 80 million sports fans that it now wants to monetize in new ways. Last month the company added former Los Angeles Dodgers executive Tucker Kain to be chief strategy and growth officer, and hired former FanDuel CEO Matt King to explore gaming opportunities.
While Fanatics recently expanded into NFTs, it’s unclear what else is on the horizon. King’s hire could signal an interest in sports betting—other logical possibilities include ticketing or media, two areas where sports fans consistently spend money.
Owned by Rubin, Fanatics was recently valued at $12.8 billion in a new round of funding driven by prior investors. The next step is expected to be an IPO, though it’s unclear when (or if) that would happen.
Schiffman joined IAC in 2016 and was overseeing corporate finance, accounting, M&A and investor relations at the company. Prior stops include Guggenheim Securities and the Raine Group.
IAC announced in June that Schiffman was leaving the company to pursue a new opportunity following a transition period of a “couple months.”