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Cameo website screen shot

Cameo on Monday said it is acquiring Represent, a marketing and merchandising platform that connects fans to celebrities and influencers.

Why it matters: The acquisition introduces a new revenue stream to Cameo, which was founded in 2017 and is now is valued at over $1 billion.

Catch up quick: Cameo is an app that lets fans pay for personalized videos from celebrities. The company expects to bring in more than $200 million in revenue this year, co-founder and CEO Steve Galanis told "Axios on HBO" earlier this year.

Details: The acquisition will give Cameo celebrities a new option to sell merchandise to hyper-loyal fans, as well as fundraise for various charities and non-profit organizations.

  • The company said that while fans won’t see a change immediately, it plans to eventually offer merchandise directly through it’s site and app.
  • It is brainstorming ways to bundle purchases, like Cameo videos with merchandise.
  • Leaders at Represent will join Cameo's growing executive team. Represent's COO Daniel Rosenberg will become president of Represent and will continue leading the day-to-day operations of the group and Represent's CMO Bobby Maylack has been named Chief Creative Officer at Cameo.
  • Cameo said it will continue work with CustomInk, Represent's former parent company, "to handle production, fulfillment, and logistics."
  • Other terms of the deal were not disclosed.

What they're saying: "This acquisition brings us another step closer to realizing our mission & vision and expands Cameo’s market leadership in direct to fan monetization," Galanis said in a statement.

Go deeper: Cameo has created a “whole new set of stars,” CEO tells "Axios on HBO"

Go deeper

Axios Visuals Deep Dive: Pandemic eating

Illustration: Sarah Grillo/Axios

A food revolution began pre-pandemic and COVID has only accelerated that. See how America's food industry is transforming, from farm to your table.

Abrams’ campaign manager rules out 2024 run if she wins governor's race

Photo: Jessica McGowan/Getty Images

In her first major interview since the official announcement, Stacey Abrams' campaign manager Lauren Groh-Wargo quashed speculation that the Georgia Democrat would interrupt a theoretical gubernatorial term to run for president in 2024.

Why it matters: Abrams' name has come up repeatedly as a top 2024 Democratic contender given President Joe Biden's age and Vice President Kamala Harris's low favorability rating.

Dan Primack, author of Pro Rata
Updated 2 hours ago - Politics & Policy

Trump social media group raises $1 billion from undisclosed investors

Illustration: Sarah Grillo/Axios

Donald Trump's social media startup on Saturday announced that it secured $1 billion in new investment as part of its ongoing efforts to become publicly traded via a blank check company.

Between the lines: None of the investors were identified, which is highly unusual for this sort of transaction.