Tornante Company and Madison Dearborn Partners Sell TDS Gift Cards to Ziff Davis

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Michael Eisner’s Tornante Company and Madison Dearborn Partners sell TDS Gift Cards to Ziff Davis in an all-cash transaction, marking the end of a successful partnership. The sale concludes the divestment of the former Topps companies portfolio, including iconic trading cards and collectibles business and Bazooka Candy Brands.
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The acquisition of TDS Gift Cards by Ziff Davis represents a strategic move that could potentially expand Ziff Davis's market presence in the ancillary services and products sector. When a company like Ziff Davis, traditionally known for its digital media and internet services, diversifies into areas such as gift cards, it indicates a broader strategy to capitalize on cross-selling opportunities and leverage its existing customer base.

From a market research perspective, the gift card market has been growing consistently, driven by the rise in e-commerce and changing consumer preferences. This acquisition could provide Ziff Davis with a stable revenue stream and enhance its brand visibility. It's also worth noting the potential for integrating gift card services with Ziff Davis's current offerings, which could lead to innovative product bundles and marketing strategies.

The sale of TDS Gift Cards to Ziff Davis in an all-cash transaction is a significant financial event for both companies involved. An all-cash deal suggests that Ziff Davis is confident in its liquidity position and believes in the immediate and long-term value addition of TDS Gift Cards. For investors, the use of cash reserves for acquisitions can signal an aggressive growth strategy and a focus on immediate integration and synergy realization.

It is important to evaluate the acquisition price in relation to TDS Gift Cards' earnings and growth potential. If Ziff Davis negotiated favorable terms, the deal could be accretive to earnings and positively impact future stock performance. Conversely, overpaying could lead to challenges in achieving a satisfactory return on investment.

Transaction Caps Successful Partnership between Michael Eisner’s Tornante Company and Madison Dearborn Partners Marked by Growth and Innovation in Collectibles, Candy and Gift Cards

LOS ANGELES & CHICAGO--(BUSINESS WIRE)-- Michael D. Eisner’s Tornante Company and Madison Dearborn Partners (“MDP”) today announced that they have sold TDS Gift Cards to Ziff Davis (Nasdaq: ZD) in an all-cash transaction. The sale marks the last piece of the former Topps companies portfolio, which was owned by Tornante Company and funds affiliated with MDP, to be sold, and ends a partnership that began in 2007.

The portfolio also included the iconic Topps trading cards and collectibles business, which was sold to Fanatics in December 2021, and Bazooka Candy Brands, maker of beloved products such as Ring Pop, Push Pop, Baby Bottle Pop and Bazooka Bubble Gum, which was sold to funds advised by Apax Partners this past October.

“After previously selling Topps and Bazooka Candy Brands, this is the culmination of a wonderful and gratifying partnership with Jim Perry, Scott Pasquini and the entire MDP team,” said Eisner. “This all started with reading an article about Topps back in 2007 that sparked our interest in the company. That curiosity about this iconic brand was shared with our friends at MDP, which resulted in the purchase and many subsequent years of innovation, growth and excitement.”

“Under the leadership of talented executives like Andy Redman, the president of Tornante, and Michael Brandstaedter, the CEO of the former Topps portfolio of companies, we expanded territories, launched new products, brought collectibles – and candy! – into the digital age and had great fun doing it,” said Eisner.

MDP Managing Director Scott Pasquini added: “It has been a pleasure working alongside our friends at Tornante and the former Topps companies group to execute unique growth and digital transformation strategies that supported the evolution of the entire portfolio. We look forward to watching all of the businesses continue to thrive with their respective new owners.”


Founded in 2005 by Michael D. Eisner, The Tornante Company is a privately held company that invests in, acquires, and operates companies in media and entertainment.


Madison Dearborn Partners, LLC is a leading private equity investment firm based in Chicago. Since MDP’s formation in 1992, the firm has raised aggregate capital of more than $31 billion and has completed over 160 platform investments. MDP invests across four dedicated industry verticals, including basic industries; financial services; health care; and technology & government. For more information, please visit


For Tornante:

Matthew Traub


For MDP:

Deirdre Walsh / Deven Anand

H/Advisors Abernathy


Source: Madison Dearborn Partners, LLC


What company acquired TDS Gift Cards in an all-cash transaction?

Ziff Davis (Nasdaq: ZD) acquired TDS Gift Cards.

Who were the previous owners of the Topps companies portfolio?

Michael Eisner’s Tornante Company and funds affiliated with Madison Dearborn Partners were the previous owners.

What other businesses were part of the Topps companies portfolio?

The portfolio also included the iconic Topps trading cards and collectibles business, sold to Fanatics, and Bazooka Candy Brands, sold to funds advised by Apax Partners.

When did the partnership between Tornante Company and Madison Dearborn Partners begin?

The partnership began in 2007.

Who did Michael Eisner mention in relation to the partnership?

Michael Eisner mentioned Jim Perry, Scott Pasquini, and the entire MDP team.

Ziff Davis, Inc.


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ziff davis, llc is a leading global digital media company specializing in the technology and gaming markets, reaching in-market buyers and influencers in both the consumer and business-to-business space every month. ziff davis sites, which feature trusted and comprehensive evaluations of the newest and hottest products, include,,,,,, and emedia. ziff davis b2b focus, inc. (“ziff davis b2b”) is a leading provider of online research to enterprise buyers and of high-quality leads to it vendors. ziff davis also operates netshelter, an advanced ad targeting platform focused on tech buyers, and, leading providers of deals and discounts on tech products.. ziff davis is a division of j2 global, inc. (nasdaqgs:jcom).