☕️ Foxtel play

Good morning.

The AFR is reporting News Corp’s prized 65% Foxtel stake is in DAZN’s crosshairs as the sports streaming giant is eyeing a bigger Australian foothold to solidify its global sports dominance.

Backed by billionaire Len Blavatnik, DAZN’s interest of course hinges on Foxtel’s grip on AFL, NRL and cricket rights—assets that remain lucrative despite the decline of its cable TV base.

Blavatnik’s Access Industries, which poured $US240 million ($368 million) into DAZN last year, is chasing a $US10 billion valuation, with Saudi Arabia’s PIF reportedly in talks for a $US1 billion investment.

We wonder where Telstra is in the negotiations.

🏆 LOI Subscriber #TBD

Market movers

Pinnacle Investment Management shares rose 3% on Thursday after unveiling a $400 million equity raise, funding recent minority stake acquisitions in VSS Capital and Pacific Asset Management and fuelling new strategies and growth initiatives.

The quick sync

• US equity management platform Carta debuts in Sydney, targeting Australia’s booming startups with a $4.65 trillion platform. (Capital Brief)

• AFIC sold MinRes over governance risks but held WiseTech, in line with its long-term focus on quality amid market shifts. (Capital Brief)

• RBA governor Michele Bullock champions industry collaboration over regulation to keep Australia’s payments sector innovative and competitive. (Capital Brief)

• US watchdog brings Big Tech payments under bank-like scrutiny, targeting 13b+ transactions to boost consumer protection. (Reuters)

• WiseTech is investigating contracts worth over $100,000 awarded to founder Richard White's ex-lover, raising fresh scrutiny of his personal-business entanglements. (AFR)

• Jim Chalmers' Future Fund overhaul sparks fiery debate, dividing experts over prioritising housing and net zero without sacrificing returns. (Capital Brief)

Trading floor

M&A

• DAZN is considering acquiring News Corp's majority stake in Foxtel. (AFR)

• Pacific Smiles founder Alex Abrahams supports Genesis Capital's bid to take control of the company. (AFR)

• The US Department of Justice wants to force Google to sell Chrome and potentially Android to break up its monopoly. (Capital Brief)

• EMR Capital and GEAR have initiated the sale process for the Ravenswood Gold Mine, with an estimated value of $2bn. (The Australian)

• Navis Capital is selling Device Technologies for an estimated $1.5bn through an auction process managed by Jefferies and Morgan Stanley. (AFR)

• Several private equity firms, including EQT and Blackstone, are considering a bid for Aveo, a $3bn retirement village operator. (The Australian)

• Regis Resources considers options after government blocks gold project. (Capital Brief)

• Bids land for Campus Living Villages, but may fall short. (The Australian)

• Gilmour Space Technology has partnered with LatConnect 60 to use its satellite bus for a mission to monitor methane and carbon emissions from space. (BNA)

• CannPal Animal Therapeutics has secured a major partnership to commercialize its pet medicinal cannabis products in the US market. (BNA)

Capital Markets

• Adani's empire loses US$20b as US bribery charges spark share collapse and global fallout. (FT)

• GQG shares plunge after Adani bribery charges. (Capital Brief)

• Symal, a civil construction company, had a flat debut on the ASX, despite a reasonably priced IPO and a strong reputation in the industry. (The Australian)

• Sayona and Piedmont shares fall after merger announcement. (Capital Brief)

• Pinnacle raises $400m for acquisitions and growth. (Capital Brief)

• A mining financier founded by former Glencore traders has successfully raised funds for True North Copper, while Glencore has had to invest more money. (AFR)

• Accent Group sees sales growth, lower margins, and plans to improve performance. (Capital Brief)

• HMC Capital upsizes DigiCo REIT IPO to $2.75bn. (Capital Brief)

VC

• None

People moves

• Several senior leaders of Close the Loop are leaving the company following a takeover bid by Adamantem Capital. (BNA)

The watercooler