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Photo by Bastiaan Slabbers/NurPhoto via Getty Images

Sinclair Broadcasting has reached a $10 billion agreement to purchase 21 regional sports networks from Walt Disney Co., according to The Wall Street Journal, with a formal announcement coming as early as tomorrow.

Why it matters: The price is only about half of what was originally sought by Disney, which needed to sell the RSNs as a condition of its recent purchase of 21st Century Fox's entertainment assets. It's also is a huge boost to Sinclair, a right-wing local broadcaster that last year was blocked from buying Tribune Media after allegedly lying to the Federal Communications Commission.

Go deeper: Sinclair plots national expansion

Go deeper

Elise Stefanik elected No. 3 House Republican after Liz Cheney ouster

Rep. Elise Stefanik (R-NY) on May 12. Photo: Mandel Ngan/AFP via Getty Images

House Republicans voted 134-46 in a secret ballot Friday to appoint Rep. Elise Stefanik (R-N.Y.) as the chair of the GOP conference, replacing Rep. Liz Cheney (R-Wyo.).

Why it matters: Stefanik's appointment underscores how important loyalty to former President Trump remains to the Republican Party.

Retail sales flat in April after huge surge in March

Illustration: Aïda Amer/Axios

April retail sales in the U.S. were unchanged from March, which saw a surge revised up to 10.7%, according to the latest Commerce Department report published Friday.

Why it matters: The U.S. has been entering a period of growing optimism in the wake of the vaccine rollout, falling new COVID-19 cases and deaths, and a slowly recovering labor market. Retail sales were up 51% year-over-year compared to April 2020.

Policy group lays groundwork for "net negative" emissions tech

Illustration: Aïda Amer/Axios

A new policy roadmap provides Congress and the White House with ways to support the growth of methods to pull carbon dioxide from the atmosphere using everything from existing forests to direct air capture machines.

Driving the news: Recent climate studies, such as the UN Intergovernmental Panel on Climate Change's 1.5-degree report, have pointed to the clear need for society to pursue strategies for driving carbon emissions into negative territory by the latter half of the century.