Illustration: Sarah Grillo/Axios

Nexstar Media Group has agreed to acquire Tribune Media for around $4.1 billion, as first reported by Reuters and confirmed by Axios.

Why it matters: This would make Nexstar the country's largest owner of local television stations.

  • This comes just months after Sinclair Broadcast Group saw its $3.9 billion deal for Tribune Media fall through, after it was accused of lying to regulators.

A source says that Nexstar's all-cash bid of $46.50 per share was "less than a dollar" per share better than the runner-up offer from buyout firm Apollo Global Management. Other bidders included Cerberus Capital Management, while a proposal led by entertainer and media entrepreneur Byron Allen ultimately never materialized due to financing difficulties.

  • The deal remains subject to regulatory review, with expectations that it may not close for at least one year. Nexstar also is likely to divest certain stations.

Go deeper: The local TV consolidation race is here

Go deeper

Updated 4 mins ago - World

Police and protesters clash in Belarus after "Europe's last dictator" claims election win

Protesters and riot police clash in Minsk, Belarus, on Sunday during a demonstration against President Alexander Lukashenko's claim of a landslide victory. Photo: Misha Friedman/Getty Images)

Riot police clashed with protesters in Belarus' capital Minsk after a government exit poll predicted Sunday that President Aleksander Lukashenko, an authoritarian who has ruled the Eastern European country since 1994, had overwhelmingly beaten a pro-democracy opposition candidate.

Why it matters: It's a precarious moment for the former Soviet republic, where decades of repression and a complete disregard for the coronavirus pandemic now threaten to topple "Europe's last dictator."

Updated 34 mins ago - World

Hong Kong media tycoon Jimmy Lai arrested under national security law

Media tycoon Jimmy Lai at the Next Digital offices in Hong Kong in June. Photo: Anthony Wallace/AFP via Getty Images

Hong Kong pro-democracy activist Jimmy Lai has been arrested for "collusion with foreign powers" and the offices of his newspaper raided, said Mark Simon, an executive at the tycoon's media firm Next Digital on Monday.

Why it matters: He was arrested under the new national security law that gives Beijing more powers over the former British colony. Lai is the most prominent person arrested under the law — which prompted the U.S. to sanction Chinese officials, including Hong Kong leader Carrie Lam, over Beijing's efforts to strip the territory of its autonomy.

Updated 43 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1:30 a.m. ET: 19,861,683 — Total deaths: 731,326 — Total recoveries — 12,115,825Map.
  2. U.S.: Total confirmed cases as of 1:30 a.m. ET: 5,044,864 — Total deaths: 162,938 — Total recoveries: 1,656,864 — Total tests: 61,792,571Map.
  3. Politics: Pelosi says states don't have the funds to comply with Trump's executive order on unemployment — Mnuchin says Trump executive orders were cleared by Justice Department.
  4. States: New York reports lowest rate of positive coronavirus test results since pandemic began
  5. Public health: Ex-FDA head: U.S. will "definitely" see 200,000 to 300,000 virus deaths by end of 2020. 
  6. Schools: 97,000 children test positive for coronavirus in two weeks — Nine test positive at Georgia school where photo showing packed hallway went viral .