Toymaker Funko pushed by investor Pleasant Lake to explore strategic options

Core Viewpoint - Pleasant Lake Partners has acquired a roughly 10% stake in Funko and is urging the company to explore strategic alternatives, including a potential sale, to enhance shareholder value [1] Company Overview - Funko is a toymaker known for its pop culture collectibles, including vinyl figurines and bobbleheads [1] - The company has faced challenges with declining toy demand and has reported a revenue decline for the past two years [1] Investor Actions - Pleasant Lake Partners plans to engage with Funko's board and management to discuss ways to boost shareholder value [1] - The investment firm disclosed ownership of approximately 5.5 million shares of Funko [1] - Pleasant Lake is prepared to participate in the sale process and highlighted its experience with take-private transactions [1] Market Performance - Funko's shares dropped nearly 75% last year but saw a 4% increase in premarket trading following the news [1] - As of Thursday's close, Funko had a market capitalization of about $245 million [1]