JACKSONVILLE, Fla. -- President Barack Obama won a second term in the White House, defeating Republican challenger Mitt Romney.
By 11:30 p.m. on Election Night, CBS News, Fox News and CNN all projected victory for the President. At 11:41 p.m., the Associated Press issued a newsflash also predicting President Obama's victory.
In his victory address, President Obama spoke to a crowd of supporters in Chicago. He took the stage flanked by the First Lady and their daughters.
"Tonight, in this election, you, the American people, reminded us that while our road has been hard, while our journey has been long, we have picked ourselves up, we have fought our way back, and we know in our hearts that the best is yet to come," the president said.
Romney conceded the race in a speech to supporters in Boston.
"This is a time of great challenges for America," Romney said. "I pray the president will be successful in guiding our nation."
Romney thanked his family, and running mate Paul Ryan in his speech. Ryan won re-election to the House of Representatives in Wisconsin.
Romney asked the crowd to extend their support to President Obama.
"At a time like this, we can't risk partisan bickering and political posturing," Romney said.
Stay with Action News over-the-air and online for continuing coverage of this story as more information develops.