Callaway Sells Top-Flite Rights to Dick’s Sporting Goods
By DREW FITZGERALD
Callaway Golf Co. ELY +2.65% agreed to sell the intellectual-property rights to its Top-Flite golf equipment and accessories brand to Dick’s Sporting Goods Inc. DKS +0.84% Terms of the deal weren’t disclosed.
Dick’s Sporting Goods is buying rights for Callaway’s Top-Flite brand.
Heard on the Street: Dick’s Steps Into the Batter’s Box. The sports retail chain said its purchase of the Top-Flite trademarks and service marks would add a highly recognized name to its portfolio while giving it a greater competitive advantage in the golf market.
The sale comes after a string of higher earnings for Dick’s Sporting Goods, DKS +0.84%which has expanded its footprint recently. The retailer said last November it would pay its first annual dividend.
Callaway is undergoing its own transition after it hired former Adams Golf Inc. ADGF +0.19%Chief Executive Oliver “Chip” Brewer as its new president and CEO in February, ending a nearly eight-month search for the golf-equipment company’s next leader.
Dick’s shares were recently off 10 cents at $48.55 after hours Wednesday. Callaway shares were inactive at $6.78.
Write to Drew FitzGerald at email@example.com