BlackRock Posts Record Q3 Earnings

    • BlackRock, the world's largest asset manager with $9.46 trillion in assets under management, posted Q3 earnings of $5.05 billion.
    • The firm is the largest stakeholder in Sports Illustrated owner Authentic Brands Group.

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BlackRock battled through volatility to post record revenues of $5.05 billion for the third quarter, a 16% uptick year-over-year.

The firm’s net income grew 23% year-over-year to $1.68 billion.

A massive investor incorporating numerous strategies, BlackRock became the largest stakeholder in Sports Illustrated owner Authentic Brands Group in 2019, buying 30% of the company for $875 million.

Authentic Brands also owns tennis apparel maker Prince, Aéropostale, Juicy Couture, and the brand rights to Shaquille O’Neal, Muhammad Ali, and golfer Greg Norman. It is expected to go public later this year.

  • BlackRock bought into “Fortnite” maker Epic Games in a $1 billion funding round in April and a $1.8 billion round in August 2020. The company’s valuation rose from $17.3 billion to $28.7 billion over that span.
  • In February, BlackRock invested in the SPAC set to merge with Fertitta Entertainment, founded by Houston Rockets owner Tilman Fertitta, as part of a $1.2 billion funding round.
  • This summer, the firm joined a $250 million investment in free-to-play gamemaker Playstudios, which also received $100 million from Activision Blizzard.

BlackRock’s assets under management grew 21% year-over-year to $9.46 trillion. It is the largest asset manager in the world.