New York-based The Topps Company Inc. has acquired White Plains, NY-based thePit.com, a nearly year-old online “stock market” for sports trading cards, for $5.7 million in cash. ThePit.com web site attracts more than 300,000 unique visitors per month, according to the company.
Following the acquisition, losses from thePit`s operation in Topps’ current fiscal year are expected to be about $1.6 million and $0.6 million next year. Marc Lore, founder and CEO of thePit.com will continue in his position following the acquisition.
Topps officials say the acquisition allows the international marketer of entertainment products and collections to expand into untapped markets. Topps plans to launch before the end of the 2001 baseball season its own online initiative, called “etopps”, which will be a trading card brand available only on the Internet.