☕️Drive (deals) to Survive

Good morning.

Liberty Media, the media conglomerate behind Formula 1, is putting its trust in Brad Pitt to build the sport’s mainstream popularity in the US in order to seek out a more lucrative broadcast deal.

The film featuring Pitt, F1, is set for release in June and counts Lewis Hamilton and Jerry Bruckheimer among its producers. It comes as Formula 1 hunts for better offers than its current US broadcast deal that brings in roughly US$85 million ($133.4 million) a year from Disney’s ESPN.

The Financial Times reports that ESPN’s window of exclusivity to renegotiate a new rights deal has expired, meaning Liberty Media can court other US options, which could be worth as much as US$121 million.

🏆 LOI Subscriber #TBD

Market movers

MinRes shares surged Monday as UBS upgraded its rating from 'sell' to 'buy', citing a reassessment of funding and operations after months of stock weakness.

The quick sync

• Nine’s failure to meaningfully respond to CoStar’s $2.7b bid for Domain adds to speculation about the level of behind-the-scenes engagement between the companies. (Capital Brief)

• Labor’s economic credibility is on the line as Jim Chalmers weighs election-year sweeteners against a worsening deficit in the 2025 budget. (Capital Brief)

• ASIC’s grilling of Star’s ex-chief lawyer Paula Martin turns into a battle of patience, as she carefully dodges key questions in the high-stakes casino misconduct trial. (Capital Brief)

• Australia faces tariffs of between 2% and 8% on $30b of exports to the US, according to trade expert estimates and government talks with Trump administration officials. (AFR)

• As Tesla tanks, its chair cashes in—Robyn Denholm’s fortune grows, earning approx. US$682m – as Tesla director, while investors demand she rein in Musk. She’s estimated to have already cashed out about US$532m in Tesla stock. (Reuters)

Trading floor

M&A

• Smartpay confirms conditional takeover bids from Tyro and another buyer. (Capital Brief)

• Nine to sell ads for Warner Bros Discovery’s Max streaming service in Australia. (AFR)

• PepsiCo buys Poppi for $3.1b, expanding in functional sodas as health concerns rise. (Capital Brief)

• South Korea’s Hanwha has returned to pursue Austal, launching a $180m after-market raid for a 9.9% stake at a 16% premium. (AFR)

• Nine Entertainment delays response to CoStar's $2.7b Domain bid, raising deal intrigue. (Capital Brief)

• Dexus Wholesale Airport Fund (DWAF) is raising funds to bid for a 9.7% stake in Melbourne and Launceston airports, allowing four existing investors to exit. (AFR)

Capital Markets

• Macquarie upgraded Ramsay Health Care, citing potential gains from Healthscope's financial struggles and the possible sale of Ramsay Sante. (Capital Brief)

• Iron ore miners led an ASX rally after China announced a plan to boost domestic consumption, aiming to support demand. (Capital Brief)

• Google is partnering with Taiwan’s MediaTek for the next generation of its AI chips, Tensor Processing Units, but keeps Broadcom ties. (Reuters)

• Imricor Medical Systems seeks $80m to fund FDA approval process. (AFR)

• Macquarie warns of a potential bear market in Australian equities due to Trump-driven trade wars and spending cuts, adjusting sector preferences accordingly. (Capital Brief)

• John Holland posts $55.5m loss due to Melbourne project blowouts. (AFR)

• Liontown Resources extended its rally as analysts viewed its Kathleen Valley mine positively, despite concerns over lithium prices and funding risks. (Capital Brief)

• ASIC seeks to liquidate Falcon Capital over fund mismanagement and investor risks. (ASIC)

• Uber fights $81.5m payroll tax appeal, citing payment agent role. (Capital Brief)

• Latitude hires Barrenjoey to address shareholder unrest after past deal failures. (AFR)

• OECD cuts UK growth forecast, warns of trade war impact. (Capital Brief)

• Treasury sees minimal GDP hit from US tariffs; Chalmers warns of global slowdown. (Capital Brief)

• Westpac launches Project Sentinel to probe in-house mortgage fraud. (AFR)

• Incoming Intel CEO Lip-Bu Tan plans major restructuring, including staff cuts, to streamline operations and boost manufacturing, especially in AI chips. (Capital Brief)

• FarmCap is raising a $100m fund for agricultural investments. (AFR)

• US retail sales miss forecasts, fueling concerns over consumer slowdown and inflation. (Capital Brief)

• Top global CEOs to attend China forum; some may meet Xi as Beijing seeks investment. (Reuters)

• Chris Stott sees tariff-driven volatility as a buying opportunity for small-cap stocks. (AFR)

• Forever 21 files for bankruptcy again, hit by rising costs and online competition. (Capital Brief)

• Transgrid seeks government backing for $700m grid stabilization investment. (AFR)

• Declining cash use drives up costs for maintaining ATMs and cash access. (Capital Brief)

• HWL Ebsworth bosses Russell Mailler and Kris Hopkins talk lessons from a cyberattack and its new governance structure. (Capital Brief)

• Harvard will eliminate tuition for families earning up to US$200,000, expanding access as elite colleges face political and financial pressure. (Reuters)

• Fearing tax hikes and funding cuts under Trump, elite US colleges are rushing to the bond market, selling debt at record levels before conditions worsen. (Reuters)

• Robinhood’s new prediction markets hub lets retail traders bet on Fed rates, politics, and sports—blurring the line between investing and gambling. (Bloomberg)

• Backed by Trump’s crypto push and Lutnick’s Washington ties, Cantor Fitzgerald’s bankers are already “a few laps ahead” in Wall Street’s digital asset race. (Bloomberg)

• A spy, a trap and a bitter tech feud—Rippling’s lawsuit claims Deel planted a mole to steal trade secrets, exposing the ploy with a cunning Slack sting. (NYT)

• Berkshire Hathaway boosts stakes in Japan’s biggest trading houses, signalling deeper confidence in the country’s economic backbone. (FT)

VC

• BetterX raises $2.3m pre-Series A for B2B digital asset platform. (Startup Daily)

People moves

• NAB CFO Nathan Goonan to join Westpac, interim CFO named. (Capital Brief)

• Lee Hickin named new director of Australia’s National AI Centre. (Startup Daily)

• Ex-IOOF chief Chris Kelaher re-emerges as a Sequoia Financial Services consultant, sparking industry curiosity. (The Australian)

• CBA appoints Barclays COO Alistair Currie to board. (Capital Brief)

• Investor James Grenon seeks to oust NZME’s board, claiming support from 47% of shareholders. (The Australian)

The watercooler