Rio de Janeiro! The Olympics will be held in South America for the first time ever (and only the third time in the Southern Hemisphere.)
Also ... Not Chicago. In a somewhat surprising turn, the Second City became the Fourth City after being eliminated in the very first round of IOC voting. Tokyo went next and Madrid came in second.
Jay Mariotti on SportsCenter (from Copenhagen!) about the vote: "I don't need to tell people that when it comes to big events, sports teams, Chicago tends to lose the big one."
2016 Olympics decision day [BBC Live Blog]
O NO!! CHICAGO LOSES 2016 OLYMPICS [CBS2]
Rio de Janeiro wins 2016 Olympic Games in landslide over Madrid [USA Today]
UPDATE: IOC President Jacques Rogge makes the announcement: