Axios Pro Rata

February 11, 2026
Top of the Morning
Warner Bros. Discovery is under new pressure this morning to switch horses from Netflix to Paramount, although it still appears to be waiting for a price sweetener.
Driving the news: Activist investor Ancora Partners disclosed around a $200 million stake and argued that the Paramount bid provides more price and regulatory certainty.
Catch up quick: This comes a day after Paramount offered to cover a $2.8 billion termination fee that WBD would owe to Netflix if it terminated the current agreement.
- Paramount also said it would cover a potential $1.5 billion in debt refinancing costs and to provide WBD shareholders with a 25-cent-per-share ticking fee for every quarter the deal doesn't close beginning next January (totaling around $650 million per quarter).
- Quick reminder that Paramount is offering to buy all of WBD, while Netflix would buy WBD's studio and streaming assets with its cable networks being spun off into an independent public company.
The big picture: WBD and Paramount are in a fairly silly standoff.
- Paramount knows it will have to increase its $30 per share offer to at least $32 per share, but thus far refuses to do so until the WBD board agrees to reopen discussions. David Ellison apparently bristles at the idea of bidding against himself, and the Ancora move might further stiffen his spine.
- WBD CEO David Zaslav could probably get the price bump if he picked up the phone, but so far seems to be getting his board's other concerns addressed without doing so. WBD also is worried that engaging with Paramount could complicate internal efforts to split off the cable business, which still is slated to occur this summer, in the case that it sticks with Netflix.
Behind the scenes: The U.S. and global regulatory issues are perhaps a wash at this point.
- Yes, President Trump is buddies with Larry Ellison — and Netflix CEO Ted Sarandos was grilled on the deal last week at a U.S. Senate hearing — but Trump also has been increasingly critical of Paramount's CBS.
- Paramount is pushing DOJ to complete its antitrust review this month, although even a green light doesn't mean that DOJ couldn't later sue to block.
- For WBD, the biggest regulatory issue might be timing. Assuming both bids would require lengthy reviews by dozens of regulatory bodies, the Netflix one might provide a bit more certainty because it enables the cable split to proceed. WBD also still seems concerned about Paramount's leverage — and what happens if the global economy craters in the meantime — although the debt commitments seem pretty tight (bit of another Clear Channel flashback?).
The bottom line: It feels like the next act already has been written. The "Davids" get over themselves, Paramount raises its bid and then Netflix has a decision to make. Right now we're just in an intermission.
The BFD
Three more Coupang investors this morning joined the lawsuit against South Korea's government, arguing that it acted unlawfully against the e-commerce firm.
Why it's the BFD: This is becoming a flashpoint in U.S.-South Korea relations, and could impact U.S. investment in South Korean companies.
- Vice President Vance has raised the issue in conversations with South Korean officials, the House Judiciary Committee is investigating, and various Republican senators have chimed in.
Zoom in: The new plaintiffs are Abrams Capital, Durable and Foxhaven Asset Management.
- They join Greenoaks and Altimeter.
- Seattle-based Coupang, whose board includes Fed chair nominee Kevin Warsh, isn't party to the lawsuit and doesn't really do business in the U.S., but has become a major lobbying force in D.C.
By the numbers: Coupang shares are down more than 21% so far this year, driving its market cap below $34 billion.
- Plaintiffs hold a combined 6.26% stake in the company.
The bottom line: Keep an eye on Toss, a South Korean payments firm backed by U.S. venture capitalists. It was last valued at $7 billion in 2022 and had told investors to expect a first quarter IPO filing. Word is that the current tensions are causing cold feet, and that we may not see an S-1 until the Coupang situation is resolved.
Venture Capital Deals
⚡️ Inertia Enterprises, a fusion energy startup led by Twilio founder Jeff Lawson, raised $450m in Series A funding. Bessemer Venture Partners led, joined by GV, Modern Capital, and Threshold Ventures. axios.link/4akSSZH
• OLIX, a British chipmaker, raised $220m in Series A funding at a $1b valuation from Plural, Hummingbird Ventures, LocalGlobe, and Vertex Ventures. axios.link/4aoqSTx
• Vega, a security analytics mesh platform, raised $120m in Series B funding. Accel led, joined by Cyberstarts, Redpoint Ventures, and CRV. axios.link/4qxgcYF
🚑 Garner, an NYC-based health-care navigation company, raised $118m at a $1.35b valuation led by Kleiner Perkins with participation from Redpoint, Maverick Capital, Kaiser Permanente Ventures, Mercy, and Plus Capital. axios.link/4rKlMYR
🚑 ILiAD Biotechnologies, a Weston, Fla.-based whooping cough vaccine developer, raised $115m in Series B funding. RA Capital Management led, joined by Janus Henderson Investors and BNP Paribas Asset Management. axios.link/3ZtpBpo
🚑 QuantX, an immunology biotech with offices in China and New Jersey, raised $85m in Series B funding. LAV and Sanofi Ventures led, joined by HSG. axios.link/4kqex5Q
• GitGuardian, a Paris-based provider of code security solutions, raised $50m in Series C funding. Insight Partners led, joined by Quadrille Capital and insiders Balderton, BPI, Eurazeo, Fly Ventures and Sapphire Ventures. axios.link/4rh5IxW
• Andercore, a Berlin-based industrial supply marketplace, raised $40m in Series B funding. Atomico led, joined by Project A, Inven Capital, Commerzbank, KfW. axios.link/4aor84X
• Brandlight, an Israel-based AI visibility platform, raised $30m in Series A funding. Pelion Venture Partners led, joined by insiders Cardumen Capital and G20 Ventures. axios.link/4tslck2
• Reco, a SaaS security startup with offices in Israel and Florida, raised $30m in Series B funding. Zeev Ventures led, joined by Insight Partners, Boldstart Ventures, Workday Ventures and TIAA Ventures. axios.link/4qxo2S5
🚑 Atlas Oncology Partners, a VBC provider for cancer patients, raised $28m in Series A funding led by Flare Capital Partners, per Axios Pro. axios.link/45Zm4Ti
• TBC, an SF-based biological computing startup, raised $25m in seed funding. Primary led, joined by Builders VC, E1 Ventures, Proximity, Refactor Capital, Tusk Ventures, and Wonder Ventures. axios.link/46DFg9h
• Newo, a voice AI startup, raised $25m in Series A funding. Veeam founder Ratmir Timashev led, joined by Aloniq, Constructor, Acrobator, and s16vc. axios.link/4tqHqD6
• Lema AI, an enterprise supply chain security startup, raised $20m in Series A funding. Team8 led, joined by F2 Venture Capital and Salesforce Ventures. axios.link/4qsd7sS
• Integrate, a Seattle-based project management platform for multi-entity execution, raised $17m in Series A funding. FPV Ventures led, joined by Fuse VC, Rsquared VC, New Vista, Hyperplane, and Riot Ventures. integrate.co
• Hauler Hero, a platform that automates waste management business functions, raised $16m in Series A funding. Frontier Growth led, joined by K5 Global and Somersault Ventures. axios.link/4kBDKdS
• Reflow, a workflow measurement startup, raised $15m in seed funding, per Axios Pro. Bling Capital and Basis Set Ventures led, joined by BTV and Designer Fund. axios.link/4aGV3qm
• Simple AI, an SF-based voice AI agent platform, raised a $14m seed round led by First Harmonic, with participation from YC, Massive Tech Ventures, and True Ventures. axios.link/4tuMC8U
🚑 Take2, a NYC-based health-care hiring startup, raised $14m in Series A funding, per Axios Pro. Human Capital led, joined by Bertelsmann Healthcare Investments, Reach Capital, SemperVirens VC, and Honeystone Ventures. axios.link/4rhtSZm
• Tenna Systems, an NYC-based spectrum intelligence startup, raised $13.5m in seed funding. Costanoa led, joined by Viola Ventures, Fresh Fund, and 202 Ventures. tennasys.com
• Algorized, a Swiss developer of people-sensing and perception AI, raised $13m in Series A funding. Run Ventures led, joined by Amazon Industrial Innovation Fund and Acrobator Ventures. axios.link/3O7LmbM
⚡️ Project Omega, aiming to convert spent nuclear fuel into power sources the military, raised $12m in seed funding, per Axios. Starship Ventures led, joined by Mantis Ventures, Buckley Ventures, Slow Ventures, and Decisive Point. axios.link/3MjPS6w
⚡️ Capalo AI, a Finnish virtual power plant developer, raised €11m in Series A funding. Heartcore Capital led, joined by Tesi, VentureFriends, Profounders, Inventure, and Innovestor. axios.link/4ranvH5
⚡️ Waste to Energy Advanced Solutions, a Spanish developer of modular waste-to-energy plants, raised €10m. SC Net Zero Ventures led, joined by Shell Ventures and insider Cemex Ventures. axios.link/4tshTtl
🚑 Circle Health, a German preventative health startup, raised €9m in seed equity and debt funding. Atlantic.vc led, joined by sCRB Health Tech, Calm/Storm Ventures, and Kfund. axios.link/4qqpkOP
• Dono, a Palm Beach, Fla.-based property records platform, raised $6.5m in seed funding. Link Ventures led, joined by lool ventures and Alumni Ventures. axios.link/3MoyxJt
• Hubbl Technologies, a contextual intelligence platform for, raised $6m in Series A funding. Salesforce Ventures led, joined by Industry Ventures. hubbl.com
🎵 Mozart AI, a London-based developer of AI tools for music creation, raised $6m in seed funding led by Balderton Capital. axios.link/4aFBAX7
• Smart Bricks, a developer of agentic AI infrastructure for real-estate investing, raised $5m in pre-seed funding led by a16z. axios.link/4rgAXt8
🚑 Seamflow, a London-based medical device certification startup, raised $4.5m in seed funding led by Northzone and Initiatized Capital. axios.link/45XsW3I
🌎 Polybee, a Singaporean pollination prediction startup, raised $4.3m in seed funding led by Paspalis Capital and Elev8 VC. axios.link/4kyWdb0
🌎 The Bland Co., a U.K. startup transforming plant byproducts into functional proteins like commercial eggs, raised $2.7m in pre-seed funding. Initialized Capital led, joined by Entrepreneurs First, Transpose Platform, Behind Genius Ventures, Alumni Ventures, and Vento. axios.link/3M25H1F
• Porters, a U.K. developer of back-office banking software, raised €2.7m in pre-seed funding from Earlybird VC and Seedcamp. axios.link/4a9Cj2G
Private Equity Deals

🎵 Britney Spears reportedly agreed to sell her music catalog rights to Primary Wave, whose backers include BlackRock, Brookfield Asset Management, CAA, and Oaktree Capital Management. axios.link/3Ztk9CY
• Axis Insurance, a Canadian brokerage backed by Lee Equity Partners, acquired Treasures Insurance Edmonton. axios.link/4ao0k4Z
• By Light, a Sagewind Capital portfolio company, acquired Dignitas, a Newark, N.J.-based provider of modeling, simulation, and training products. axios.link/4ra0Cn9
• Direct Marketing Solutions, a portfolio company of Hines Global Income Trust and Main Street Capital, acquired Johnson & Quin, a Niles, Ill.-based direct marketing firm. axios.link/3MhHCUE
• General Atlantic agreed to acquire European Wax Center (Nasdaq: EWCZ) for $330m, or $5.80 per share (45% premium to Monday's closing price). axios.link/4abPz6Q
• Industrial Service Solutions, a Wynnchurch Capital portfolio company, acquired MSHS Pacific Power Group, a Fort Lauderdale, Fla.-based MRO for the energy, industrial and national defense sectors. axios.link/45Zz23o
• Kingswood Capital Management acquired the sustainable paper business of Austria's Coveris. axios.link/4aba7wo
• KPS Capital Partners agreed to acquire The Wells Cos. an Albany, Minn.-based maker and installer of architectural and structural precast concrete solutions. axios.link/4qxIpyO
• Lone Star Funds completed its $3.8b take-private buyout of Hillenbrand, a Batesville, Ind.-based plastic parts maker. axios.link/4aGhBHH
• Mission Wealth, a portfolio company of Great Hill Partners, is merging with RightPath Investments & Financial Planning, a Frisco, Colo.-based fiduciary wealth advisory. axios.link/4kvUFOL
Public Offerings
• Agibank, a Brazilian consumer bank, raised $240m in its IPO after slashing its number of shares and price range. It plans list on the NYSE (AGBK) and reports around $1b in revenue for the year ending Sept. 30, 2025. axios.link/3MDeG9F
⚡ SOLV Energy, a provider of construction services for solar and battery projects, raised $512.5m in its IPO. The American Securities-owned company priced atop its $22-$25 range, giving it around a $5b market cap, and will list on the Nasdaq (MWH). axios.link/4apxOQp
• Columbus Circle Capital II, a a SPAC formed by Cohen & Co., raised $200m in its IPO. axios.link/3NFb2fx
• D. Boral Acquisition I, a SPAC led by D. Boral Capital execs, raised $250m n its IPO. axios.link/49t7JBe
• Quantum Leap Acquisition, a tech SPAC led by Kervin Pillay (ex-Cisco), filed for a $200m IPO. axios.link/4qqAQcX
• Spartacus Acquisition II, a TMT SPAC led by Peter Aquino (Mercury Access Group, raised $200m in its IPO. axios.link/4so2zgy
• TRG Latin America Acquisitions, a SPAC led by Nicolas Rohatyn, filed for a $200m IPO. axios.link/402WCsx
Liquidity Events
• Candle Media, the media rollup company backed by Blackstone, sold a majority stake in digital media company ATTN: back to co-founders Matthew Segal and Jarrett Moreno, per Axios. axios.link/46utT3w
🍕 FountainVest Partners is seeking to sell the franchise operator of Papa John's and Dairy Queen in China, which could fetch around $500m, per Bloomberg. axios.link/3Zvkjtm
• Icertis, a Bellevue, Wash.-based provider of contract management software for large businesses, is seeking a buyer for upwards of $5b, per Bloomberg. It's raised over $600m from firms like SoftBank, CrossCreek, Greycroft, Premjinvest, B Capital Group, Cross Creek Advisors, Eight Roads, Ignition Partners, Meritech Capital Partners and PSP Growth. axios.link/3O8lNr3
• Inflexion Private Equity is weighing the sale of a control stake in Acorn Group, a U.K. motor and home insurer that could be valued at £1b, per Bloomberg. axios.link/4rbizSr
• Nebius (Nasdaq: NBIS) agreed to acquire Tavily, a maker of search engine tech for AI agents, for a reported $275m. Tavily had raised $25m from Alpha Wave Global and Insight Partners. axios.link/3ZpFkpp
• QXO (QXO.N) agreed to buy Englewood, Colo.-based Kodiak Building Partners for $2.25b from Court Square, per Reuters. axios.link/4rJly43
• Tubi Media, a unit of Fox Corp. (Nasdaq: FOXA), acquired Supercast, a podcasting subscription tool seeded by Syrus Partners, Horseplay Ventures, and Form Capital. axios.link/4aIlCLK
More M&A
• Elliott Management has amassed a stake in the London Stock Exchange Group (LSE: LSEG), per the FT. axios.link/401yhTU
• Kraft Heinz (Nasdaq: KHC) is pausing its breakup plan. axios.link/4a8v1w4
• Phenom, an Ambler, Pa.-based HR tech company that's raised over $160m in VC funding, acquired Be Applied, a that validates candidate and employee for hiring. axios.link/3O9NXSu
Fundraising
⚡ All Aboard Fund, an energy transition-focused VC group, has secured $99m for its debut fund, per an SEC filing.
• Blue Owl raised over $3b for its inaugural "strategic equity and secondaries strategy." axios.link/4qqG6xd
• EQT is preparing to raise its second Asia midmarket fund, per PEI. axios.link/464p7tw
• Montana Capital Partners raised $1.4b for its sixth PE secondariers fund, focused on midmarket opportunities in North America and Western Europe. axios.link/4qzj7jz
• Multimodal Ventures of Chicago raised $15m for a debut fund to invest in Y Combinator startups. axios.link/3MpVTyp
• Partners Capital raised over $1b for its fourth co-investment fund. axios.link/4tADe3Y
• Vision Ridge raised $2.4b for its fourth sustainable asset real assets strategy. axios.link/4kvvxrz
It's Personnel
• Anu Adebajo joined Newton Venture Program as CEO. She previously was a partner with Atomico. axios.link/3MxOj4Z
• Parm Atwal joined G2 Capital Advisors as a managing director. He previously was with Configure Partners. axios.link/400LKvh
• Construct Capital promoted Camila Key Saruhashi to partner. axios.link/3MBlrJ0
• Niklas Kuhlmann joined Renovus Capital Partners as director of IR and capital formation. He previously was with Selinus Capital. axios.link/3MCYLYS
🚑 Ashwin Vasan, former NYC health commissioner, joined Commonweal Ventures as an operating partner. axios.link/4qw55PX
Final Numbers: Jobs Wednesday


The U.S. economy added 130,000 jobs in January, the highest monthly figure since last April, with the unemployment rate dropping a tick to 4.3%.
- But benchmark revisions show jobs growth during Trump's first year in office was much worse than initially known, with just 181,000 jobs added — down from the initial estimate of 584,000.
- Go deeper.
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