Axios acquired the Charlotte Agenda, a local news start-up focused on the North Carolina city, for nearly $5 million, reports MediaPost.

MediaPost adds the Charlotte Agenda, free for readers, “is supported by advertising and a membership program, according to The New York Times, which first reported the news.

“The Charlotte Agenda has 1,700 supporters, and 55,000 newsletter subscribers, with a 40% average open rate. Its website gets 650,000 readers a month.”

The site will be renamed Axios Charlotte.

Last year, the Charlotte Agenda brought in $2.2 million in revenue, according to the Times.

Axios, based in Arlington County, VA, announced in September its plans to expand locally, starting with four cities: Tampa/St. Petersburg, Denver, Minneapolis/St.Paul and Des Moines.

More here.

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