Topps Acquires GMG Entertainment
Topps has announced a new acquisition to their company: GMG Entertainment. Described in the official release as the "leading publisher of digital currency cards," GMG Entertainment sells online gift cards that contain credits for sites like Facebook, the NFL, Atari and NBC Universal. You may recognize the cards from their sale at large retailers like Best Buy, RadioShack, Target and GameStop. Topps plans to utilize this addition to venture into the digital currency market and and enhance a company which is mostly known for it's collectible cards.
“The Topps Company has found an ideal acquisition – GMG is a complementary business to our core and one that pivots us into the high-growth retail and digital convergence arena with partners such as Facebook," said Topps CEO Ryan O'Hara.
The current CEO of GMG, Rob Goldberg, will join the Topps team as the Vice-President and General Manager of the new digital currency division. He will report to O'Hara. Additional members of GMG will also join Topps, including Tim Pechmann and Jeff Mickeal. Digital currency marks the third business division for Topps, joining cards and sweets.
The digital currency market has taken off thanks to sites like Facebook and according to Topps, is expected to reach over $7 billion in 2011 and double by 2014. The terms of the deal were not disclosed.