Mitt Romney concedes defeat in presidential election

Mitt Romney has conceded defeat in the presidential contest. The Republican nominee told supporters he would pray for President Barack Obama's success in leading the nation.

Romney thanked his running mate Paul Ryan, saying the Wisconsin congressman had a bright future in the Republican Party.

Romney lost nearly all the major battleground states to Obama including Ohio, the most contested prize.

The former Massachusetts governor said it was time to put aside partisan bickering and work together for the good of the country.