Private equity firm GTCR has announced a "strategic investment" in Vivid Seats, a Chicago-based online secondary ticket marketplace, from Vista Equity Partners.

Background: A source tells Axios that GTCR is purchasing a majority stake from Vista, which will retain a minority ownership position. No financial terms were disclosed, although reports from earlier this year said that Vista had hired bankers to find a buyer for Vivid Seats at an enterprise value of around $1.5 billion.

Why it's a big deal: 16 year-old Vivid has gained traction over the past year, by inking deals like one that made it the official ticketing partner of ESPN (replacing StubHub). A big question, however, has been the depths of its pockets, and adding a big new private equity backer like GTCR should help lighten some of those concerns.

Bottom line: "Vivid Seats might not have the same name recognition as Ticketmaster or StubHub, but the Chicago-based firm has been a force in selling seats at concerts, theaters and sports events. Founded in 2001, the company had grown to become the third-largest secondary ticket seller in the U.S. by the time it received its strategic investment from Vista early last year." ― Katie Roof, TechCrunch

Go deeper

10 hours ago - Health

15 states broke single-day coronavirus records this week

Data: Compiled from state health departments by Axios; Map: Danielle Alberti/Axios

At least 15 states broke their single-day novel coronavirus infection records this week, according to state health department data reviewed by Axios.

The big picture: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Andrew Withershoop and Caitlin Owens report.

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 11,143,945 — Total deaths: 527,681 — Total recoveries — 6,004,593Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 2,818,588 — Total deaths: 129,584 — Total recoveries: 883,561 — Total tested: 34,213,497Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona's hot spot reach near capacity.
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Trump extends PPP application deadlineKimberly Guilfoyle tests positive.
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.
11 hours ago - Health

In photos: America celebrates July 4 during global pandemic

Photo: Francine Orr/Los Angeles Times/Getty Images

The U.S. has already celebrated Easter, graduations and so much more during the coronavirus pandemic, and now it can add July 4 to the list.

The state of play: Axios' Stef Kight writes public parades and fireworks displays around much of the country are being canceled to prevent mass gatherings where the virus could spread. Hot-dog contests and concerts will play to empty stands and virtual audiences — all while American pride treads an all-time low.