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Photo: Mike Coppola/Getty Images for Fanatics

Fanatics, an online retailer of licensed sports merchandise, has raised $325 million from SoftBank, Silver Lake, Eldridge, TWG Sports Media & Entertainment, Insight Partners, MLB, Jay-Z, and Roc Nation at an $18 billion valuation, per media reports and sources confirming to Axios.

Why it matters: The financing comes as Fanatics expands its focus to include areas like digital products, with executive chairman Michael Rubin taking over as CEO of the expanded company. Candy Digital, the NFT company it helped set up, will be part of Fanatics.

The bottom line: "Fanatics expects to generate about $3.4 billion in revenue this year, up from $2.6 billion in 2020. ... About 80% of Fanatics’ revenue comes from sales to consumers from Fanatics.com or the more than 300 team and league sites the company operates," the Wall Street Journal's Meghan Bobrowsky writes. "The company is profitable, a representative said."

Go deeper

Updated Sep 21, 2021 - Economy & Business

Exclusive: Minute Media, FanDuel expand partnership with new funding

Illustration: Brendan Lynch/Axios

Minute Media has raised “tens of millions of dollars” in a previously unreported funding round, with participation from sports betting giant FanDuel, its founder and CEO Asaf Peled tells Axios.

Why it matters: The funding will strengthen a years-long partnership as Minute Media seeks to invest more in sports betting, and FanDuel more in content.

"Atmospheric river" swings Northern California from drought to flood

Satellite view of the bomb cyclone swirling off the coast of the Pacific Northwest and the atmospheric river affecting California on Oct. 24. Photo: CIRA/RAMMB

A series of powerful "atmospheric river" storms are delivering historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest — triggering widespread power outages and flooding.

Why it matters: The strong atmospheric river, packing large amounts of moisture, is causing Northern California to whiplash from drought to flood.

2 hours ago - World

Sudan's military places civilian prime minister under house arrest

Sudanese Prime Minister Abdallah Hamdok during a 2020 news conference in Khartoum, Sudan. Photo: Mahmoud Hjaj/Anadolu Agency via Getty Images

Sudan's civilian Prime Minister Abdalla Hamdok was put under house arrest and several other ministers were also detained Monday in what appears to be a military coup in the country, per local reports.

Why it matters: The arrests of the civilian faction in the Sudanese government came a day after U.S. envoy Jeffrey Feltman met with the head of the military faction of the Sudanese government General Abdul Fattah al-Burhan and warned him against staging a coup.