Comcast yesterday completed the spinoff of its cable networks, now renamed Versant Media, and then watched the new company's stock plunge more than 13%.

Why it matters: Versant's value could impact the takeover battle for Warner Bros. Discovery, which later this week is expected to reiterate its preference for Netflix over Paramount.

Catch up quick: Netflix agreed to buy the studio and streaming assets of WBD for $27.75 per share, with WBD then to spin out its cable networks into an independent company.

• Paramount has launched a $30 per share hostile bid for all of WBD, including the cable networks, and has extended its tender offer deadline from this Thursday to Jan. 21.

Zoom in: Paramount is offering approximately $5.6 billion more than is Netflix, which therefore could be the tipping point value for WBD shareholders.

• If shareholders believe the WBD cable nets are worth less than $5.6 billion, than they likely take the Paramount deal. If they believe the WBD cable nets are worth more, than they likely stick with Netflix.
• That's where Versant comes in, because it's the best directional comp.

By the numbers: Wall Street analysts have argued that WBD's cable networks should be worth around $10 billion, which seems similar to a pro rata valuation from rival bidder Starz.

• But Wall Street analysts may have overpriced Versant, based on the stock dip.
• WBD shareholders won't make decisions based on one day of trading, but a sustained Versant slump could discourage belief in the prevailing valuation math.

Yes, but: WBD may argue that its cable assets and Versant won't perform similarly, given differences in their channel portfolios.

• Moreover, it still may question that Paramount deal's finances, despite a recent equity backstop guarantee from Oracle founder Larry Ellison, and its regulatory certitude.

The bottom line: Comcast bowed out of the WBD sweepstakes, but it's still playing an indirect role in the outcome.

Big thanks to Axios' Sara Fischer for the assist on this one.

DayOne Data Centers, a Singapore-based hyperscale data center operator, raised over $2 billion in Series C funding led by Coatue, with the Indonesia Investment Authority also participating.

Why it's the BFD: This comes amid concerns that the global data center buildout could be an overbuild.

Zoom in: DayOne focuses on Asia-Pacific and Europe, while customers include ByteDance and Oracle. It previously raised $1.9 billion over its Series A and B rounds.

The bottom line: "The focus is on delivering high-density, AI-ready capacity at speed while maintaining sustainability objectives." — Ben Craske, DataCentre Magazine

• Cambium, an El Segundo, Calif.-based maker of advanced materials for defense and aerospace, raised $100m in Series B funding. 8VC led, joined by MVP Ventures, Lockheed Martin Ventures, GSBackers, Veteran Ventures Capital, J17 Ventures, Vanderbilt University, Alumni Ventures, Gaingels, Inevitable Ventures, JACS Capital, and Jackson Moses. axios.link/4povNte

🚑 Mediar Therapeutics, a Boston-based fibrosis biotech, raised $76m in Series B funding from Amplitude Ventures. ICG, Longwood Fund, Asahi Kasei Ventures, Alexandria Real Estate Trust, Novartis, Pfizer, Ono, Bristol Myers Squibb, and Eli Lilly. axios.link/4jBwbU0

• Linker Vision, a Taipei-based developer of physical AI software, raised $35m in Series A funding. Abico Group led, joined by Nvidia, Yun-Hsien Enterprise, CIDC Co., Hotung Venture Group, ITIC's Noah GT Fund, ChangHwa Bank Venture, and Yuanta Venture. axios.link/4jsAAIO

• Interos, an Arlington, Va.-based provider of supply chain risk intelligence, raised $20m from Blue Owl Capital and Structural Capital. axios.link/4ptyv0H

• Unusual, an AI optimization platform for brands, raised $3.6m from BoxGroup, Long Journey Ventures, YC, Max Mullen, and Phosphor Capital. axios.link/44TAJz0

🌎 Filtrabit, a Finnish developer of filtration solutions for heavy industry, raised €2m from Ajanta Innovations. axios.link/4q6N0s7

• Align Capital Partners acquired Armko, a Flower Mound, Texas-based provider of building envelope, roofing and waterproofing consulting. armko.com

🌎 Blackstone acquired Alliance Technical Group, a Decatur, Ala.-based provider of environmental testing and compliance services, from Morgan Stanley Capital Partners. axios.link/450aU06

• Coalesce Capital acquired Marshall & Stevens, an LA-based valuation advisory, litigation support, and transaction advisory firm. axios.link/49HvkNW

• FormativGroup, a Rockbridge Growth Equity portfolio company, acquired Eon Collective, a Boise, Idaho-based provider of data integration, modernization, and governance services. axios.link/4ssrEqI

• Frontline Road Safety, a portfolio company of Bain Capital, acquired Surface Preparation Technologies, a New Kingstown, Pa.-based provider of rumble strips and related roadway safety products, from Dominus Capital. axios.link/4qHGMPB

• Hg is in advanced talks to acquire OneStream (Nasdaq: OS), a Birmingham, Mich.-based financial software firm with around a $4.5b market cap, per Bloomberg. axios.link/44X13YU

• Madison Dearborn Partners invested in Atlanta-based accounting firm Nichols Cauley, as part of its merger with insurance brokerage Partners Risk Services and transactions advisory firm JGH Consulting. axios.link/4bfI6o7

• Point Broadband, backed by GTCR and Berkshire Partners, agreed to combine with Clearwave Fiber, a Savannah, Ga.-based internet service provider formed by Cable One, GTCR, The Pritzker Organization, and Stephens Capital Partners. axios.link/4spxyJ9

• PPC acquired NaturPak, a Janesville, Wis.-based maker of bone broths, soups, sauces, and wet pet food. Sellers include Trivest Partners. axios.link/4pmMghD

• The Riverside Co. acquired Certified Collision Group, a San Jose, Calif.-based membership network for independent collision repair shops, from Incline Equity Partners. axios.link/49FZUaK

• White Cap, backed by CD&R, acquired VoidForm Products, a Fort Worth, Texas-based maker of concrete foundation protection products, from Argonaut Private Equity. axios.link/4swOk9E

• Windjammer Capital acquired MFG Chemical, a Chattanooga, Tenn.-based maker of chemicals for the water treatment and industrial coatings markets. axios.link/4ptUrbX

• Wingman Growth Partners acquired a majority stake in The Interprose Corp., a Vancouver, Wash.-based provider of accounts receivable management software. axios.link/3Nuw7ZX

• PicPay, a Brazilian digital bank, filed for an IPO that Renaissance Capital estimates could raise up to $500m. It plans to list on the Nasdaq (PICS). axios.link/4qD6q7T

• Accenture (NYSE: ACN) agreed to acquire Faculty, a London-based company that helps corporate clients adopt AI. Faculty had raised around $50m from Apax Digital, LocalGlobe, Mercuri, Phoenix Court, and Metaplanet. axios.link/4pmyr2x

🚑 Amgen (Nasdaq: AMGN) acquired Dark Blue Therapeutics, a U.K. oncology biotech, for $840m. Dark Blue had raised around $10m from firms like Evotec and Oxford Sciences Innovation. axios.link/4pBYKCc

• Anheuser-Busch InBev (NYSE: BUD) agreed to reacquire a 49.9% stake in its U.S. metal container plants from an Apollo-led investor group for around $3b. axios.link/4aLZj8x

⚡ Quantum Capital Group agreed to sell approximately 90% of the natural gas generation assets owned by Cogentrix Energy to Vistra (NYSE: VST) for $4.7b. axios.link/4smTN2F

🚑 W. L. Gore & Associates agreed to acquire Conformal Medical, a Nashua, N.H.-based heart implant developer that had raised over $130m from firms like Sprig Equity, Catalyst Health Ventures and Ropart Asset Management. axios.link/3N7N8Jq

• Broadridge Financial Solutions (NYSE: BR) completed its purchase of Acolin, a Swiss provider of cross-border fund distribution and regulatory services. axios.link/4stdO7G

🚑 Hisamitsu Pharmaceutical (Tokyo: 4530), a Japanese maker of pauin patches, is weighing a management buyout that could value the company at around $2.9b, per Bloomberg. axios.link/4aLZH6Z

• Holcim (Swiss: HOLN) acquired Alkern, a French manufacturer of precast concrete. axios.link/3MZMRZ8

• InPost, a listed Polish parcel locker operator, received a takeover offer from an undisclosed suitor — spiking its market cap to around €6.8b. axios.link/4qjQAPG

• Stord, an Atlanta-based ecommerce fulfillment company valued by VCs at $1.5b, acquired smaller rival Shipwire from France's Ceva Logistics, per Axios Pro. axios.link/4qb7XlU

• The Tie, a New York-based provider of institutional solutions for digital assets, acquired Stakin, a staking provider with $1.5B in staked assets under delegation axios.link/4qqAjZH

• BV Investment Partners raised nearly $2.47b for its 12th fund. axios.link/3YWpJx9

🚑 Avista Healthcare Partners promoted Ryan Moran and Garrett Lustig to partners and Elaine Tang to principal. axios.link/4q72Frq

• Niko Bonatsos stepped down as a managing director at General Catalyst in order to focus solely on early-stage investing. He'd been with GC for 15 years. axios.link/49a2Z2Q

• Gabriel Fong joined Ares Management as a partner focused on Asia credit, per Bloomberg. He previously was with CapitaLand Investment. axios.link/49q741N

• Bill Ryan joined Carlyle as a managing director and head of retirement solutions. He previously was with NEPC. axios.link/3NuRpGT

• Spectrum Equity promoted Michael Radonich and Matt Neidlinger to managing directors; Mark Bellis to deputy general counsel; and Emily Fox to principal of market research and investment ops. spectrumequity.com

• TPG promoted Marcus Lawrence to a partner of TPG Next. axios.link/3YpHZPj

• TSG Consumer promoted Alec Fogarty and Sam Pritzker to managing directors, and Kelly Pease to principal. axios.link/44YAh2t

• Urban Innovation Fund promoted Andrew Felbinger to partner. axios.link/4jrcONj

Inbound M&A activity rose nearly 48% in 2025, hitting nerarly $389 billion, largely driven by SoftBank's investments in OpenAI.

• Outbound M&A rose by 17.4%, totaling $344.5 billion.