Warner Bros. Discovery just shot some hostility back at Paramount, rejecting its $108 billion takeover bid and calling it "illusory."

Three possibilities for what happens next:

1. Paramount walks away, bested by Netflix and a WBD board that would rather eat glass than sell to the Ellisons.
2. Paramount maintains its offer, and hopes that it can persuade enough WBD stockholders to tender their shares.
3. Paramount sweetens its $30 per share, all-cash offer — possibly setting up a bidding war with Netflix. This seems to be the likeliest outcome.

Sources familiar with WBD's thinking have been hinting for weeks that the company was worried about Paramount's financing, and today they laid out their concerns.

• In short, they don't believe the Ellisons are good for the money — despite a pledge to backstop the deal's $40.7 billion in equity, even if outside funding partners bail (as Jared Kushner's Affinity Partners did yesterday).
• WBD claims that the backstop mechanism — an Ellison family revocable trust — is "unknown and opaque ... allowing for assets to be moved at any time."
• Moreover, WBD says that the trust's liability for damages, "even in the case of a willful breach," would be capped at around $2.8 billion.

What's interesting is that the Ellisons seemed to choose this structure, in part, in response to earlier WBD concerns that Paramount's equity promises were coming from too many "cross-conditioned" sources — rather than a "single equity backstop."

• Moreover, there's no theory provided for why the Ellisons would go through all this effort and then bounce. Maybe because they've lost $44 billion in Oracle stock value over just the past month?

Paramount hasn't made a public statement since the WBD rejection.

The bottom line: We've got a Hollywood cliffhanger on our hands.

Databricks is raising more than $4 billion at a $134 billion valuation led by Insight Partners, Fidelity, and JPMorgan.

Why it's the BFD: Data is the lifeblood of enterprise AI agents and apps, and Databricks is becoming the access and analytics leader.

• It reports more than $4.8 billion in revenue run-rate, besting rival Snowflake, and was cash-flow positive over the past 12 months.

Zoom in: A significant portion of the new funding will go toward secondary liquidity for employees, CEO Ali Ghodsi tells Axios.

• Other participants include a16z, BlackRock, Blackstone, Coatue, GIC, MGX, NEA, Ontario Teachers Pension Plan, Robinhood Ventures, T. Rowe Price, Temasek, Thrive Capital, and Winslow Capital.

More from Ali Ghodsi: He says that Databricks "increased our access to credit facilities and other types of capital by several billions dollars" — monies that aren't included in the $4 billion figure.

• When asked if Databricks would go public by this time next year, he replied: "I wouldn't rule it out."

The bottom line: Databricks is the world's fifth most valuable unicorn company, just behind Anthropic.

• Waymo, Alphabet's self-driving unit, is seeking to raise more than $15b at nearly a $100b valuation, per Bloomberg. axios.link/4s20C9B

• OpenAI is in talks to raise at least $10b from Amazon, per The Information. axios.link/3L4tCNi

• Trade Republic, a Berlin-based trading app, raised a €1.2b secondary round at a €12.5b valuation led by insiders TCV, Founders Fund, Accel, Sequoia Capital, and Thrive Capital. axios.link/3XVWme2

🚑 Tebra, a Corona Del Mar, Calif.-based EHR platform, raised $250m in equity and debt funding. Hildred led, joined by fellow insiders Montreux Growth Partners, Toba Capital, Transformation Capital, and HLM Venture Partners. JPMorgan provided the debt facility. axios.link/3N5DPtl

• Premialab, a Dubai-based provider of data and analytics for quant investing, raised $220m from KKR and insider Balderton. axios.link/3YxeKtT

• MoEngage, an Indian customer engagement platform for consumer brands, raised $180m in Series F funding — including a $123m secondary. ChrysCapital and Dragon Funds led, joined by Schroders Capital and insiders TR Capital and B Capital. Sellers included Eight Roads Ventures, Helion Venture Partners, Z47, and Ventureast. axios.link/3Yx9q9T

🚑 Ambros Therapeutics, a non-opioid pain meds startup co-founded by Vivek Ramaswamy, raised $125m in Series A funding from RA Capital Management, Enavate Sciences. and Italy's Abiogen Pharma. axios.link/48KJ5es

• Mythic, a Palo Alto-based AI chip startup, raised $125m. DCVC led, joined by Lockheed Martin and Honda Motors. axios.link/3XVTuOl

🚀 Digantara, an Indian space surveillance startup, raised $50m in Series B funding. 360 ONE Asset and SBI Investments of Japan led, joined by insiders Peak XV Partners and Kalaari Capital. axios.link/4qc2Cua

• Nanit, an NYC-based baby monitor developer, raised $50m. Springcoast Partners led, joined by Upfront Ventures and JVP. axios.link/4pGfh8H

🚑 Allink Biotherapeutics, a Chinese developer of ADCs and multi-specific antibodies for cancer and immune disorders, raised $47m in Series A extension funding led by Legend Capital and Meituan Long-Z Investment. axios.link/3N2Z8vC

🚑 Codoxo, a Duluth, Ga.-based health payment integrity startup, raised $35m in Series C funding, per Axios Pro. CVS Health Ventures led, joined by Echo Health Ventures and insiders Sands Capital Management and 450 Ventures. axios.link/4s2MBZa

• Thread, a Nashville, Tenn.-based embedded and digital banking services company, raised $30.5m. Portage Ventures led, joined by Rockmont Partners. axios.link/3Yuo69E

• Ankar, a London-based IP patent platform, raised $20m in Series A funding. Atomico led, joined by Index Ventures, Norrsken VC, and Daphni Ventures. axios.link/44s9wmM

• HEN Technologies, a Hayward, Calif.-based fire suppression tech startup, raised $20m in Series A funding. O'Neil Strategic Capital led, joined by NSFO, Tanas Capital, and Z21 Ventures. axios.link/44wx2Px

• Arcads.ai, an AI marketing videos platform, raised $16m in seed funding. Eurazeo led, joined by Alpha Intelligence Capital. axios.link/3L8otnn

🚑 Drive Health, a Gilbert, Ariz.-based clinical agent developer, raised $15m, per Axios Pro. Vitalis Ventures led, joined by Inside Capital Partners. axios.link/4pK1Apv

🚑 Wearlinq, an Sf-based developer of wireless cardiac monitors, raised $14m in Series A funding, per Axios Pro. AIX Ventures led, joined by SpringTide, Berkeley Catalyst Fund, Lightscape Partners, and Amino Capital. axios.link/4rXiZfX

🚑 Ember LifeSciences, an LA-based cold chain tech startup, raised $16.5m in Series A funding. Sea Court Capital led, joined by Cardinal Health and Carrier Ventures. axios.link/4rZ8f0z

• YSE Beauty, an LA-based skincare company, raised $15m in Series A funding. Silas Capital led, joinerd by L Catterton, Willow Growth Partners, and Halogen Ventures. axios.link/3MDtVz7

• Roamless, an eSIM connectivity provider, raised $12m in Series A funding. Rasmal Ventures led, joined by Shorooq, Revo Capital, Finberg, and JIMCO. axios.link/48ISXFJ

• Wodan AI, a Spanish developer of homomorphic encryption technology for AI, raised €2m in pre-seed funding from JME Ventures, Swanlaab, Adara Ventures, and ScaleFund. axios.link/3N352Ng

⚾ Arctos invested in Prospector Baseball Group, an investment platform focused on minor league and independent baseball teams. axios.link/4pI2HpH

• Colt Group, an industrial leak repair company backed by Capstreet, acquired Garrison Enterprise, a Vineland, N.J.-based provider of critical line intervention services. axios.link/4p3o8jP

• Comply365, a portfolio company of Insight Partners and Liberty Hall, acquired Mint, a German provider of training management for the aviation industry. axios.link/3L89wSh

🍕 Consortium Brand Partners is leading a buyout of restaurant chain California Pizza Kitchen, with Eldridge Industries also participating. axios.link/48Tw4Ow

• Crux Capital acquired Houston-based Pool Works and Austin-based Freedom Pool Plastering to form Veridian Service Partners. axios.link/3L6abUj

🚑 Curalta Foot & Ankle, a Rochelle Park, N.J.-based food and ankle company, raised private equity funding from SharpVue Capital (lead), NewSpring Capital, BPEA Private Equity, North Haven Capital, and Bluwave Capital. axios.link/4j1N6yF

• Founders Row invested in Hot Box Pretzels, a DTC pretzel brand. axios.link/4pIRjdb

• GI Partners acquired Netwatch, an Irish video monitoring firm, from The Riverside Co. axios.link/3MFQYt4

• Invictus Growth Partners invested $63m into Informed IQ, an SF-based loan verification and fraud prevention company. axios.link/3MDOr2x

• Jordan Partners invested in Vanguard Claims Administration, a Woodbury, N.J.-based third-party administration and independent adjusting platform for property and casualty insurance. axios.link/4519Mcs

• Levine Leichtman Capital Partners (agreed to acquire USA Industries, a Houston-based provider of manufacturer of industrial flow control and testing products, from Sky Island Capital. axios.link/4qapxpJ

☕ Luckin Coffee, a Chinese chain backed by Centurium Capital, is weighing a bid for Blue Bottle Coffee, owned by Nestle, per Bloomberg. axios.link/48W6ad8

• One Equity Partners agreed to acquire Montanhydraulik, a German maker of ultra-large-scale hydraulic cylinders, aggregates and hydraulic systems. axios.link/3MFJZQP

• Sealed Air (NYSE: SEE), a Charlotte, N.C.-backed packaging company whose products include Bubble Wrap and Instapak, said that its go-shop has expired without a superior offer to the $10.3b bid from Clayton Dubilier & Rice. axios.link/48IszM1

• StoneTree Investment Partners acquired Reel Power International, a provider of engineered winding, spooling, and material-handling equipment, from Praesidian Capital. axios.link/4p3bS2X

• TA Associates acquired a majority stake in PairSoft, a Miami-based provider of procure-to-pay automation and payment solutions. axios.link/4ahyeda

• Vomela, backed by The Riverside Co., acquired Moss, a St. Paul, Minn.-based producer of event and retail graphics. axios.link/4q18F5j

• Warburg Pincus agreed to invest in Asia-focused corporate services provider Acclime. axios.link/3L7m5gC

🚑 Medline Industries, Northfield, Ill.-based medical supplies firm, raised $6.26 billion in its IPO — the largest U.S. offering since Rivian in 2021. It offered 216m shares at $29, versus plans to offer 170m shares at $26-$30, for a $38.7b fully diluted valuation. Backers include Blackstone, Carlyle, and Hellman & Friedman. axios.link/44zu9gO

• CloudKitchens, the ghost kitchen startup led by ex-Uber CEO Travis Kalanick, is delaying plans to list its Middle East business, per Bloomberg. The overall company last was valued at $15b. axios.link/48ZBwzo

• Crane Harbor Acquisition II, a SPAC led by William Fradin (HEPCO), raised $300m in an upsized IPO. axios.link/4oqI1BV

• Affinity Equity Partners is weighing a sale of its stake in Hong Kong-based airport hospitality group Plaza Premium, per Bloomberg. axios.link/44tUxJ4

• Apollo is weighing a sale of private aviation company Atlas Air Worldwide, which could fetch more than $12b, per Bloomberg. axios.link/4q7DKUd

• KKR agreed to sell its majority stake in Indian investment bank Avendus to Japan's Mizuho Securities for up to $523m. axios.link/49h524U

• Coursera (NYSE: COUR) agreed to merge with Udemy. (Nasdaq: UDMY) in an all-stock deal that values the combined education company at around $2.5b. axios.link/3KW0xDI

• Diageo (LSE: DGE) agreed to sell its 65% stake in two Kenyan alcoholic drinkmakers to Japanese brewer Asahi (Tokyo: 3407) for around $2.3b. axios.link/4pBByoc

• Kongsberg Gruppen, a listed Norwegian defense company, agreed to buy -based missile maker Zone 5 Technologies. axios.link/45d2OkF

• Frontier (Nasdaq: ULCC) and bankrupt Spirit Airlines have revived merger talks, per Bloomberg. axios.link/4rXOIh7

• S3 Ventures of Austin, Texas, raised $250m for its eighth fund. axios.link/451YnsU

• Mark Delaney is stepping down as chief investment officer of AustralianSuper, which manages around A$400b in assets. axios.link/3KMmh4V

• General Atlantic promoted six pros to managing director: Cornelia Gomez, Hilary Lindemann, Ryan McGrath, Ben Newman, Sudeep Poddar, and Varun Talukdar. axios.link/3YxfpLT

⚡ Tailwater Capital promoted Doug Prieto and Drew Winston to partner. axios.link/48MUjha

Oracle stock fell nearly 3% at today's open, on an FT report that Blue Owl bailed on a $10 billion funding package for a new data center in Michigan — over concerns about Oracle's rising AI spend and debt load.