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Penske Media has agreed to invest more than $50 million for a majority stake in Wenner Media, the publisher of Rolling Stone magazine.

Why it matters: Besides nostalgia? Okay, because Rolling Stone is somehow still a leading online source of music reporting and reviews, despite its historic antipathy toward the web.

Penske's other brands include Variety, Deadline and Women's Wear Daily.

Bottom line: "BandLabs Technologies, the Singapore-based company that bought 49% of Rolling Stone last year, had a right of first refusal for any offer for the rest of the magazine, according to people familiar with the sale process. By structuring the transaction as an investment, this prevents BandLabs from buying the whole magazine." — Peter Kafka, Recode

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Amy Coney Barrett's immediate impact

Illustration: Eniola Odetunde/Axios

In her first week on the job, Amy Coney Barrett may be deciding which votes to count in the presidential election. By her third week, she’ll be deciding the fate of the Affordable Care Act.

Where it stands: The Senate votes on Barrett’s nomination tomorrow. If she’s confirmed, Chief Justice John Roberts is expected to swear her in at the Supreme Court within hours, an administration official tells Axios.

Texas Democrats beg Biden to spend now

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The Biden campaign is rebuffing persistent pleas from Texas Democrats to spend at least $10 million in the Lone Star state, several people familiar with the talks tell Axios.

Why it matters: If Texas — which has 38 electoral votes and is steadily getting more blue, but hasn't backed a Democrat for president since 1976 — flipped to the Biden column, it would be game over. But the RealClearPolitics polling average stubbornly hovers at +2.6 for Trump — and Team Biden appears more focused on closer targets.

Election night in Trumpworld

Photo illustration: Aïda Amer/Axios. Photo: Chris Carlson-Pool/Getty Images

A luxe election-night watch party at the Trump International Hotel on Pennsylvania Avenue is being planned for President Trump's donors, friends and advisers — but Trump's hand in it is minimal because he's "very superstitious" — people familiar with the plans tell Axios.

The big picture: This "mecca for all things MAGA," as one adviser described it, is one of three hubs where they say Trumpworld will watch returns. The others are the war room at campaign HQ in Rosslyn, Virginia, and the White House residence, where Trump and the first lady will gather close family and advisers before heading to the hotel later that night, the sources said.