Fanatics to Sell 60% of its Stake in NFT Company Candy Digital

Sports platform company Fanatics is selling its 60% stake in NFT company Candy Digital, according to an internal email obtained by CNBC. Fanatics will reportedly sell its stake to a group of investors led by Galaxy Digital.

Fanatics CEO Michael Rubin said, "Over the past year, we have learned that NFT, as a standalone business, is unlikely to be sustainable and profitable. The sale of Candy Digital's shares ensures that investors will recover most of their money through cash or additional shares in Fanatics."