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Luminary Media, a Chicago-based subscription podcast network with exclusive content, reportedly raised around $60 million in new funding. The company has now raised nearly $100 million in total, from backers like NEA.

Why it matters: This comes just weeks after Spotify acquired a pair of large podcast networks, with its own ambitions of becoming Netflix for podcasts. "To some degree, of course, all media start-ups think they are going to be the next Netflix. The test for Luminary will come in the execution. And there are plenty of challenges. Subscription-based businesses are hot at the moment, but analysts say that consumers will begin pushing back and asking, How many entertainment services do I really need to be paying for every month?" writes Brooks Barnes in the New York Times.

Go deeper: Vox Media’s multi-million dollar podcast deal

Go deeper

Anti-Trump lawmakers' private security expenses ballooned after Jan. 6 riot

Sen. Mitt Romney (R-Utah) speaking to reporters on Capitol Hill on April 14. Photo: Kent Nishimura/Los Angeles Times via Getty Image

Members of Congress are spending tens of thousands of dollars on personal security for them and their families in the wake of the Jan. 6 riot, according to an analysis of first-quarter Federal Election Commission reports by Punchbowl News.

Between the lines: Private security expenditures were especially common among anti-Trump Republicans and high-profile Democrats who earlier this year voted to impeach and convict the former president for inciting the deadly Jan. 6 Capitol riot, signaling they fear for the safety of themselves and their families.

1 hour ago - World

Jimmy Lai among Hong Kong pro-democracy leaders sentenced to prison

Students standing under a banner during a flag raising ceremony on the first annual National Security Education Day in Hong Kong. Photo: Vernon Yuen/NurPhoto via Getty Images

A Hong Kong court sentenced a group of the city's most prominent pro-democracy activists to up to 18 months in prison Friday for organizing a massive unauthorized protest in August 2019 that drew an estimated 1.7 million people, AP reports.

Why it matters: Critics say the sentences send the message that even peaceful pro-democracy activism will be severely punished. They mark a continuation of Beijing's overhaul of Hong Kong's political structure, designed to crack down opposition to the Chinese Communist Party.

Local news moves to the inbox

Illustration: Annelise Capossela/Axios

A slew of new companies are launching platforms for local newsletters, a shift that could help finally bring the local news industry into the digital era.

Driving the news: Substack, the email publishing platform for independent journalists, on Thursday announced a new local news platform.