Retail and entertainment conglomerate, Authentic Brands Group announced on Thursday it has entered into a partnership to co-own and oversee David Beckham’s global brand.
Authentic Brands declined to disclose financial terms of the deal, although the company is reported to have paid about $269 million for a 55% stake in the football star’s DB Ventures.
As part of the deal, Beckham will become a shareholder in Authentic Brands, which owns retailers such as Forever 21 and Barneys New York, and the rights to iconic stars including Elvis Presley and Shaquille O’Neal, who is also a major investor.
DB Ventures currently manages Beckham’s endorsement deals with companies including Tudor watches and whisky label Haig.
Authentic Brands also is in the process of acquiring sneaker label Reebok from Adidas for about $2.5 billion. That deal is expected to close in the first quarter of this year.
