☕️ Execution wins

Good morning.

So, Netflix took Warner Bros with a USD72 billion bid that wasn’t the highest, just the only one the board could actually sign. Paramount went to USD78 billion all-cash but, according to Reuters, the Warner Bros board had concerns about the financing. Netflix on the other hand showed up with a huge USD59 billion bridge, a similarly massive USD5.8 billion break fee, and, according to the FT, fully executable docs – exactly what the board had wanted.

Warner will spin off the legacy cable business. Netflix gets the studio, HBO, HBO Max and a century of IP. CEO David Zaslav could even keep his seat and become a billionaire if the deal closes, according to Bloomberg’s numbers.

But this is far from done. Paramount is reportedly considering a hostile bid, and unions are already pushing to get the deal blocked.

Grab the popcorn!

🏆 LOI Subscriber #TBD

Market movers

Shares in Premier Investments plunged Friday after it cut sales guidance, with analysts saying the $100 million buyback does little to offset the earnings miss.

The quick sync

• ANZ cuts its housing strategy lead, fuelling fears it will slip behind rivals in affordable housing. (Capital Brief)

• Treasury flags LinkedIn as a possible target in Labor’s updated push to make tech platforms pay for news. (Capital Brief)

• Startup leaders say shutting LaunchVic risks undoing progress and stalling Victoria’s future innovation growth. (Capital Brief)

• AWS used re:Invent to pitch new chips and startup tools as it stakes its claim as AI’s neutral platform. (Capital Brief)

• NextDC’s $7b OpenAI deal remains unclear amid unresolved energy and compute commitments. (Capital Brief)

Trading floor

M&A

• Singapore’s Sembcorp is set to sign a deal to buy Alinta Energy. (AFR)

• Healthscope hospitals being sold quickly, with Calvary and other operators snapping up key sites. (The Australian)

• Affinity has acquired Perth’s Western Radiology, swooping in before Crescent Capital Partners could complete its planned bolt-on deal. (AFR)

• Pace Farm Eggs’ $1b sale attracts PEP and BGH, with buyers weighing earnings sustainability. (The Australian)

• StraitNZ, worth up to NZD1b, set for sale after MSIP drops expansion plans. (The Australian)

• Brookfield, GIC said to near binding offer for National Storage (Bloomberg)

Capital Markets

• The EU fined X EUR120m for misleading verification and failing transparency rules. (Capital Brief)

• QPE is starting early investor talks to float Amart Furniture on the ASX. (AFR)

• Pepper Money shares jump to $1b value, raising questions if KKR will sell its stake. (The Australian)

• Bubble skincare brand expands into Woolworths to reach Australian teens. (AFR)

• Meta is adding real-time news from major outlets to its AI assistant through new media partnerships. (Capital Brief)

• WiseTech faces AI competition and customer complaints over higher-priced AI bundles. (AFR)

• OpenAI-backed $7b NextDC data centre to boost renewable energy investment. (AFR)

• The RBA will hold rates this week amid deep division over 2026 cuts or hikes. (Capital Brief)

VC 

• Victoria will shut down its highly regarded startup agency LaunchVic, sparking backlash from the startup community. (Capital Brief)

• The Planet Fund has invested $5m in Electric Futures, a start-up focused on electrifying Australian homes. (AFR)

People moves

• Qatar Airways unexpectedly swapped CEO Badr Al-Meer for Hamad Al-Khater without explanation. (Capital Brief)

• Rob Silverwood’s BGH-backed consulting venture poaches a senior EY due-diligence partner as its first big hire. (AFR)

• Telstra and TPG CEOs face senators over Triple Zero failures; Communications Minister Anika Wells skips hearing. (AFR)

• ANZ is losing its housing strategy head, Caryn Kakas, amid ESG cuts, risking its edge in affordable housing. (Capital Brief)

• Corporate Travel executives, including former long-time leader Laura Ruffles, have moved to new roles, as the company faces scrutiny over past overcharging and accounting issues. (AFR)

The watercooler