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Photo: Patrick McDermott/Getty Images

The Washington Redskins have announced they will be conducting a review of the team's name after mounting pressure from the public and corporate sponsors.

Why it matters: This review is the first formal step the Redskins are taking since the debate surrounding the name first began. It comes after weeks of discussions between the team and the NFL, the team said.

A source familiar with the matter told The Washington Post, "You know where this leads. They're working on that process [of changing the name]. It will end with a new name. Dan has been listening to different people over the last number of weeks.”

What they're saying: Team owner Daniel Snyder who has been adamantly against changing the team's name, now says, "This process allows the team to take into account not only the proud tradition and history of the franchise, but also input from our alumni, the organization, sponsors, the National Football League, and the local community it is proud to represent on and off the field."

  • Head coach Ron Rivera: "This issue is of personal importance to me and I look forward to working closely with Dan Snyder to make sure we continue the mission of honoring and supporting Native Americans and our Military."

The state of play per Axios' Kendall Baker: Nike, FedEx and PepsiCo each received letters signed by 87 investors and shareholders worth a combined $620 billion asking the brands to cut ties with the Redskins unless they change their name, AdWeek reports.

  • FedEx, named sponsor of the Redskins' stadium, released a statement that says in full: “We have communicated to the team in Washington our request that they change the team name.“

Go deeper

TikTok CEO Kevin Mayer resigns

Photo: Jesse Grant/Getty Images for Disney

Kevin Mayer resigned Wednesday as CEO of TikTok, the popular video app that's in the spotlight amid U.S.-China tensions, and which has been ordered by President Trump to sell its U.S. operations to a domestic buyer.

Why it matters: Mayer took the job just three months ago after 27 years on-and-off at Disney, where he most recently headed online streaming, including the debut of Disney+, and was long considered a potential successor to former CEO Bob Iger.

Dominion sends cease and desist letter to My Pillow CEO Mike Lindell

Photo: Stephen Maturen/Getty Images

Dominion Voting Systems on Monday sent a cease and desist letter to My Pillow CEO Mike Lindell over his spread of misinformation related to the 2020 election.

Why it matters: Trump and several of his allies have pushed false conspiracy theories about the company, leading Dominion to take legal action. It's suing pro-Trump lawyer Sidney Powell for defamation and $1.3 billion in damages, and a Dominion employee has sued Trump himself, OANN and Newsmax.

Off the Rails

Episode 5: The secret CIA plan

Photo illustration: Aïda Amer, Sarah Grillo/Axios. Photo: Zach Gibson/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 5: Trump vs. Gina — The president becomes increasingly rash and devises a plan to tamper with the nation's intelligence command.

In his final weeks in office, after losing the election to Joe Biden, President Donald Trump embarked on a vengeful exit strategy that included a hasty and ill-thought-out plan to jam up CIA Director Gina Haspel by firing her top deputy and replacing him with a protege of Republican Congressman Devin Nunes.