Welcome to Axis ProRata, where we take just 10 minutes to get you smarter on the collision

of tech, business, and politics. I'm Danfermac. On today's show, Amazon dances with the

Pentagon and the Seltzer Wars. But first, local media's last lover. So earlier this week,

we learned that a giant private equity firm called Apollo Global Management had tried to buy Tegna, one of America's largest owners of local TV stations.

Tegna didn't like the price, so Apollo is now just negotiating to buy a strip of the stations.

Why it matters is that almost no other private equity firm has interest in these sorts of assets,

believing they've already been disrupted by streaming services and online news.

But Apollo doesn't just want TV stations from Tegna.

It also recently agreed to buy a portfolio of them from Cox and another from Northwest Broadcasting Group.

And it bid to buy some from Next Star, but lost out to Tegna, which means it might still

get some of what it wants. Now, in part, Apollo is just clipping coupons here, given everyone

else's lack of interest, but it's also arguing that the death of local media and of local

TV in particular has been greatly exaggerated. If it's right, this could mean that there will

be continued accountability for local mayors and governors and school boards and all of those consumer fraud investigations

that otherwise don't really get done. It also means Apollo would become one of America's most

influential news companies, even if most Americans don't know its name. If Apollo's wrong,

well, then everyone else will be right. In 15 seconds, we'll go deeper

with Axios media reporter Sarah Fisher. But first, this.

Axios chief technology correspondent, Enah Freed, shares breaking news and analysis on the

most consequential companies and players in tech from the Valley to D.C.

Subscribe to get smarter faster at signup.axios.com.

And now, back to the ProRata podcast.

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