What You Need To Know for June 13th

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The week ahead of us 🔍

The Main Story

After long merger talks, Shari Redstone’s National Amusements, the parent of Paramount Global, called off merger talks with Skydance Media, the studio backed by David Elllison. After a lengthy process where Skydance initially beat out Apollo and Sony as the potential suitor, it looks like Redstone is looking for only a sale of her National Amusements control stake, without any potential Paramount merger within the deal structure. The potential deal had drawn significant media attention over the past few weeks as questions over Paramount’s elevated leverage, treatment of Class B Shareholders, and declining television business continued to rise.

A statement from National Amusements said the two sides “have not been able to reach mutually acceptable terms.” With the deal now called off Paramount is left in a tough position given the deal was a massive distraction from turning the business around.

As a subscale player in a highly competitive market, Paramount has struggled to evolve with the changing media landscape.

Paramount Global shares finished down 8% on Tuesday on the backs of the called off merger.

Headlines 🔍

• Apple Intelligence: every new AI feature coming to the iPhone and Mac: Starting later this year, Apple is rolling out what it says is a more conversational Siri, custom, AI-generated “Genmoji,” and GPT-4o access that lets Siri turn to OpenAI’s chatbot when it can’t handle what you ask it for.

• Higher-for-long rates are ‘good for business’: Morgan Stanley CEO Ted Pick: Central bank policymakers have been cautioning investors to expect rates to remain elevated following a string of sticky inflation readings during the first quarter and surprisingly strong economic data.

• Macron Resignation Rumors Denied After French Bonds Tumble: The prospect of a prolonged period of political uncertainty is rattling investor confidence in the economy and nation’s political outlook, with unease starting to spread to other European markets.

• An Activist has taken $1.9 billion stake in Southwest Airlines and wants to oust the CEO: Activist hedge fund Elliott Investment Management has bought a $1.9 billion stake in Southwest Airlines and is seeking to force out the CEO of the airline, which has struggled with operational and financial problems. “Poor execution and leadership’s stubborn unwillingness to evolve the Company’s strategy have led to deeply disappointing results for shareholders, employees and customers alike,” the investment firm said in the letter, dated Monday.

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Headlines 🔍

• Here’s what changed in the new Fed statement

• Nvidia’s CEO is given the rockstar treatment in AI-powerhouse Taiwan

• ‘Roaring Kitty’s GameStop position is in the money

• Hertz Bond Holders Demand $188 Million Change of Control Payment

• A Millionaire banker who allegedly punched woman at Brooklyn Pride event touted ‘empathy’

• In Wyoming, Bill Gates moves ahead with nuclear project aimed at revolutionizing power generation

• The European Union announces higher tariffs of up to 38% on Chinese EVs

• Elon is no longer suing OpenAI

• End of an Era: X, formerly known as Twitter, just made likes 100% private

M&A Transactions💭

Tropical Smoothie Cafe, operator of a restaurant chain, was acquired for $2.0B by Blackstone (NYS: BX). BofA Securities, North Point Merger & Acquisitions, and Robert W. Baird & Co advised on the sale.

Tanbreez, operator of a mining project, has reached a definitive agreement to be acquired for $211.0M by Critical Metals (NAS: CRML).

Shopko Optical, operator of eye-care centers, has entered a definitive agreement to be acquired for $290.0M by Fielmann Group (ETR: FIE). Jefferies advised on the sale.

Outfront Media Canada, operator of Out-of-Home advertising services, was acquired for $300.0M by Bell Media. Solomon Partners advised on the sale.

Hearsay Systems, developer of a client engagement platform, has reached a definitive agreement to be acquired for $125.0M by Yext (NYS: YEXT).

Gentiva’s Personal Care Operations, provider of personal care services, has reached a definitive agreement to be acquired for $350.0M by Addus HomeCare (NAS: ADUS). Goldman Sachs advised on the sale.

CampusParc, operator of parking management services, was acquired for $850.0M by Ardian.

Belcan, provider of engineering project management, has reached a definitive agreement to be acquired for $1.3B by Cognizant Technology Solutions (NAS: CTSH). Jefferies and Solomon Partners advised on the sale.

Urbaser, provider of environmental management services, was acquired for $503.19M by FCC Servicios Medio Ambiente Holding. Barclays advised on the sale.

Vistativ, a French-based company engaged in the integration of software solutions, was acquired for $244.4M by Groupe SNEF.

Tegus, developer of an investment research platform, has reached a definitive agreement to be acquired for $930.0M by AlphaSense. Evercore and Morgan Stanley advised on the sale.

Swiss Parenterals, manufacturer of pharmaceutical products and formulations, was acquired for $105.25M by Eris Lifesciences (BOM: 540596).

Deciphera Pharmaceuticals, a biotechnology company, was acquired for 2.4B by ONO Pharmaceutical (TKS: 4528). J.P. Morgan advised on the sale.

Copperleaf (TSE: CPLF), a provider of AI-powered enterprise, has entered a definitive agreement to be acquired for $1.0B by Industrial and Financial Systems. BMO Capital Markets and Fort Capital Markets advised on the sale.

City Gross, operator of a retail supermarket, has reached a definitive agreement to be acquired for $188.03M by Axfood (STO: AXFO).

Canadian Western Bank (TSE: CWB), has reached a definitive agreement to be acquired for $3.66B by National Bank of Canada (TSE: NA). J.P. Morgan advised on the sale.

BeReal, developer of a photo-sharing application, was acquired for $542.21M by Voodoo.

Private Placement Transactions💭 

Amber Therapeutics, developer of a bioelectronic platform, raised $100.0M of Series A venture funding led by New Enterprise Associates.

FLO EV Charging, operator of an electric vehicle charging network, raised $101.71M of Series E venture funding.

Cognigy, operator of a conversational AI platform, raised $108.45M of venture funding led by Eurazeo.

Bridgit, developer of a property finance platform, raised $139.6M of Series A venture funding led by OIF Ventures.

AlphaSense, developer of a web-based market intelligence and search platform, has raised $650.0M of venture funding led by BDT & MSD Partners and Viking Global Investors at a pre-money valuation of $3.35B.

Black Semiconductor, manufacturer of semiconductor microchips, has raised $275.88M of Series A venture funding led by Porsche Ventures and Project A Ventures.

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