Illustration: Sarah Grillo/Axios

Nexstar agreed Wednesday morning to divest 19 of its local TV stations in 15 markets across the country in order to gain regulatory approval in its deal to acquire Tribune Media.

Why it matters: Regulators have rules about how many stations one operator can own in a single market, so that they can ensure a diversity of voices exists in each community. Nexstar is divesting these stations to get the merger approved under these rules.

Details: The total sale amounts to $1.32 billion.

  • TEGNA Inc. will acquire 11 stations in 8 markets for $740 million and the E.W. Scripps Company will acquire 8 stations in seven markets for $580 million.
  • Nexstar says it plans to use the proceeds from this sale to reduce debt.

Between the lines: Nexstar's proposed $4.1 billion acquisition deal for Tribune Company would make it the country's largest owner of local television stations.

  • Some TV network distributors like Dish and consumer advocates are protesting the merger, arguing it would give Nexstar too much leverage in pricing negotiations and dominance over local television.

The big picture: Changes in decades-old broadcasting rules, combined with new types of competition in news and entertainment, are creating a drama-filled free-for-all as local U.S. broadcasters consolidate.

  • This deal comes months after Sinclair Broadcast Group's $3.9 billion deal bid for Tribune Media fell through, when Sinclair was accused of lying to regulators.
  • Nexstar says the deal with Tribune is expected to close later this year.

What’s next: Nexstar says it remains engaged in active negotiations to divest two stations in Indianapolis, Ind.

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Trump tightens screws on ByteDance to sell Tiktok

Illustration: Aïda Amer/Axios

President Trump added more pressure Friday night on China-based TikTok parent ByteDance to exit the U.S., ordering it to divest all assets related to the U.S. operation of TikTok within 90 days.

Between the lines: The order means ByteDance must be wholly disentangled from TikTok in the U.S. by November. Trump had previously ordered TikTok banned if ByteDance hadn't struck a deal within 45 days. The new order likely means ByteDance has just another 45 days after that to fully close the deal, one White House source told Axios.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 21,056,850 — Total deaths: 762,293— Total recoveries: 13,100,902Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m ET: 5,306,215 — Total deaths: 168,334 — Total recoveries: 1,796,309 — Total tests: 65,676,624Map.
  3. Health: CDC: Survivors of COVID-19 have up to three months of immunity Fauci believes normalcy will return by "the end of 2021" with vaccine — The pandemic's toll on mental health — FDA releases first-ever list of medical supplies in shortage.
  4. States: California passes 600,000 confirmed coronavirus cases.
  5. Cities: Coronavirus pandemic dims NYC's annual 9/11 Tribute in Light.
  6. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  7. Politics: Biden signals fall strategy with new ads.

Harris: "Women are going to be a priority" in Biden administration

Sen. Kamala Harris at an event in Wilmington, Del. Photo: Drew Angerer/Getty Images

In her first sit-down interview since being named Joe Biden's running mate, Sen. Kamala Harris talked about what she'll do to fight for women if elected VP, and how the Democrats are thinking about voter turnout strategies ahead of November.

What they're saying: "In a Biden-Harris administration women are going to be a priority, understanding that women have many priorities and all of them must be acknowledged," Harris told The 19th*'s Errin Haines-Whack.