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Illustration: Sarah Grillo/Axios

Berkshire Partners agreed to buy fitness brand CrossFit, in partnership with CrossFit gym owner and former Datalogix CEO Eric Roza (who will become CrossFit CEO). The seller is CrossFit's founding CEO Greg Glassman, who resigned after making controversial comments about the killing of George Floyd.

Why it matters: CrossFit needed a lifeline, due to both its management tumult and business challenges related to the pandemic.

  • CrossFit is largely a brand licensing company, charging gyms $3k per year to become "affiliates," plus generating revenue from trainer certification courses and merchandise. In 2013, Inc. reported that it generated around $100 million in revenue, while the broader CrossFit empire netted between $1.5 billion and $2 billion.

The bottom line: "When Greg Glassman resigned as CEO of CrossFit, excoriated for comments about George Floyd’s death on Twitter and in a Zoom meeting, people who have worked there were surprised that his downfall was tied to accusations of racism. They had assumed that the reason would be routine and rampant sexual harassment," writes the New York Times' Katherine Rosman.

Go deeper

Updated 25 mins ago - Politics & Policy

Trump sues National Archives, Jan. 6 committee to block records request

Photo: Chip Somodevilla/Getty Images

President Trump filed a lawsuit Monday seeking to block the National Archives from releasing White House records to the House select committee investigating the Jan. 6 Capitol insurrection, citing executive privilege.

Why it matters: It's the latest escalation in Trump's campaign to disrupt the committee's sweeping probe into the circumstances surrounding Jan. 6, including his actions and communications leading up to the Capitol attack.

UNC race conscious admissions process upheld by judge

Students walk through the campus of the University of North Carolina at Chapel Hill on Aug. 18, 2020 in Chapel Hill, North Carolina. Photo: Melissa Sue Gerrits/Getty Images

The University of North Carolina at Chapel Hill can continue its race conscious admissions process, a federal judge ruled on Monday.

Why it matters: The case could end up in the Supreme Court after the conservative nonprofit Students for Fair Admissions (SFFA) vowed to appeal the judge's ruling that UNC didn't discriminate against against white and Asian American applicants in its policy that it said was designed to increase diversity.

SEC debunks conspiracy theories about meme stock mania

Photo: Alessia Pierdomenico/Bloomberg via Getty Images

The SEC issued its long-awaited report on the meme stock mania, which downplayed the narrative that a "short squeeze" was the primary driver behind GameStop's historic stock moves — and shot down conspiracy theories about the event.

Why it matters: The postmortem was highly anticipated, largely because of what it could hint about what the regulator thinks should be done in wake of the saga. But the report stopped short of specific policy recommendations.