Topps baseball cards have long been one of the most iconic brands in the sports card industry. What started as a small Brooklyn-based trading card company in 1938 has grown into a global entertainment and confectionery powerhouse. The ownership and leadership of Topps has changed many times throughout its storied history.
Topps Chewing Gum Inc. was founded by brothers Israel and Lazarus “Larry” Shorin in 1938. They started by manufacturing and distributing trading cards as an incentive to sell their bubble gum product. Topps released its first major baseball card set in 1951 and quickly became the dominant force in the baseball card market. The Shorin family owned and led Topps throughout the 1950s and into the early 1960s as the baseball card business boomed.
In 1964, Topps was taken public and ownership shifted. Brothers Joseph and William “Bill” Sedacca acquired a major stake in Topps stock and installed Joseph as CEO. Joseph led Topps for over 25 years through the 1960s, 70s and early 80s age of consumerism and growth. Topps expanded heavily under Joseph’s leadership, securing exclusive licenses with Major League Baseball, the NFL, NHL and other sports leagues. It also diversified beyond cards into other confectioneries like Ring Pop candies.
Family owned Simmons Outdoor Corp acquired Topps in 1988 in a deal led by Simmons CEO Michael Eisner. Just 3 years later in 1991, an investment group led by Michael Ovitz and Robert E. Wagner acquired Topps in a leveraged buyout. They took the publicly traded company private again. This marked the end of Topps being family owned after over 50 years under the Shorin and Sedacca families.
Under Ovitz and Wagner’s leadership in the 1990s, Topps focused heavily on expanding its entertainment properties rather than solely trading cards. It acquired a number of animation studios and launched film production. Massive debt from the buyout hindered Topps’ growth. In 1998, the PE firm Madison Dearborn Partners acquired a controlling stake in Topps and installed new leadership to turn the business around.
Madison Dearborn owned Topps for 14 years, through the 2000s. Under their ownership, Topps embraced digital platforms early on. They launched e-commerce sites and one of the first online virtual baseball card trading games. Topps also acquired major competitors like Bowman and Bazooka bubble gum to consolidate the market. By 2007, Topps had paid down its debt and generated strong profits annually from sports and entertainment licensing.
In 2008, former Disney executive Michael E. Dills was appointed Topps CEO. He aimed to further improve Topps’ financial position before an eventual sale. In 2007 and 2008, Topps made key acquisitions of industry leaders Candyfist and Upper Deck Authenticated to expand in Europe and memorabilia. Then in October 2007, The Tornante Company, founded by former Disney CEO Michael Eisner, acquired Topps from Madison Dearborn for $385 million.
Under Eisner and Tornante’s control in the late 2000s, Topps looked to leverage Eisner’s entertainment industry expertise. It expanded into new areas like collectible art, WWE trading cards and global confectionery. Topps was now a $700+ million global enterprise. The company took on more debt to fund acquisitions. Michael Eisner remained Topps’ chairman until 2011.
Then in 2007, Mafco Holdings acquired 60% control of Topps for $267 million. The new investment group increased Topps’ use of digital platforms and forged international partnerships. It rebranded from Topps LLC back to Topps Company in 2012. Debts remained high from acquisitions and the economic recession impacted sales. By 2013, Topps’ leadership sought a full sale of the business.
In October 2007, Michael E. Dills, Upper Deck founder and former Topps executive, led an acquisition of Topps for $385 million. Under new CEO Dills’ leadership since 2008, Topps has focused on innovating the physical and digital baseball card experience. It has launched hits memorabilia lines, augmented reality apps, established international subsidiaries and acquired competitors. Topps has also paid down its debts while growing football, entertainment and confectionery licensing businesses.
The ownership story of Topps is strongly tied to the many ups and downs of the trading card industry itself. From family owners to conglomerates to investment firms, Topps has thrived under ownership who invested in licensing rights, technology and passionate fan engagement. As baseball cards near their centennial and digital platforms boom, Topps remains steadfast in its mission of sharing the joy of sports with collectors around the world. No matter who holds the reins, Topps’ legacy of capturing iconic moments in cardboard seems destined to continue well into the future.
