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Stocks, Economy and Earnings: Live Business News

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The deal adds streetwear to the Fanatics portfolio, which includes Majestic (jerseys), Top of the World (hats) and WinCraft (flags, banners and accessories).Credit…Hilary Swift for The New York Times

Fanatics, known for its sports apparel and more, has teamed up with a host of celebrities, including the rapper Jay-Z and the D’Amelio family of TikTok fame, to buy the brand merchandising company Mitchell & Ness in its latest deal to expand its sports merchandise empire.

The deal, which closed on Wednesday, valued Mitchell & Ness at about $250 million, said two people with knowledge of the matter, who requested anonymity because the terms of the deal were confidential. Mitchell & Ness made about $70 million in profit off about $350 million in revenue last year, these people said.

Fanatics will own 75 percent of Mitchell & Ness as part of the transaction, while the other 25 percent will be owned by the celebrity cohort, which also…

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