Today's column didn't quite come together in time, so let's hit the notebook...

🎬 That's not all folks: Neither Paramount nor Netflix has sweetened their Warner Bros. bids yet. In the meantime:

• Comcast is definitely out, per sources. Still unclear how much it bid for WBD's studio and streaming business, except that it was less than the $83 billion offered by Netflix.
• President Trump yesterday said that CNN should be part of any WBD deal, which would seem to further embolden Paramount's all-in effort. On the other hand, Trump's comments were mostly just griping about CNN's content, not an actual antitrust argument that would hold up in court.
• Paramount's hostile bid went out of its way to say that foreign partners wouldn't have any voting or governance rights — a pledge that didn't get explicitly added until its final proposal last Thursday, per sources.
• Earlier versions also didn't include the Ellison family backstopping all $40.7 billion in equity commitments, including via their Oracle stock. It's a meaningful addition, even though Oracle is down a whopping 14% at today's open. Quick reminder that Paramount's original bid began at just $19 per share — versus the $30 in play now — and included both cash and stock.
• No comment from either Paramount or WBD.

💰New firm alert: Brian O'Malley has quietly launched a consumer tech-focused shop called Tactile Ventures. He's a former partner with Forerunner, Accel, and Battery.

• Tactile is said to be targeting $100 million for its debut fund, which would be split between seed and Series A deals.
• The basic thesis is that AI will enable the creation of significant consumer platforms.

🔮 Your turn: We're getting closer to the final newsletter of 2025, which means it's time for your one-line predictions for next year.

• Please send via email ([email protected]), and try to make 'em snappy.

Lumexa, a Raleigh, North Carolina-based medical imaging firm, raised $463 million in its IPO.

Why it's the BFD: Radiology is one of the more mature use cases for AI, albeit still early, at a time when an aging population has increased usage.

• Lumexa reports it's "seeing faster scan times, improved clinical efficiency and faster patient scheduling and communication of results."

Zoom in: Lumexa priced at $18.50 per share, within its $17-$20 per share range, for a $1.8 billion initial market cap.

• It was formed in 2018 as a joint venture between Charlotte Radiology and Welsh, Carson, Anderson & Stowe.

The bottom line: "The company has expanded rapidly in recent years, partly by making more than a dozen acquisitions. Its U.S. footprint spans 184 centers across 13 states." — Reuters

• Walt Disney Co. (NYSE: DIS) agreed to invest $1b into OpenAI, as part of a broader content partnership, and also receives warrants to buy additional stock. axios.link/4atI387

• Harness, an SF-based software delivery platform, raised $240m in Series E funding (including a $40m tender) at a $5.5b post-money valuation. Goldman Sachs led, joined by IVP, Menlo Ventures, and Unusual Ventures. axios.link/4aFc3ha

🚑 D3 Bio, a Chinese oncology company, raised $108m. IDG Capital and SongQing Capital led, joined by WuXi AppTec's Corporate Venture Fund, Temasek, HSG, MPCi, and Medicxi. axios.link/3XKsaT7

• Port, an Israeli platform for building internal developer portals, raised $100m in Series C funding at an $800m valuation. General Atlantic led, joined by Accel, Bessemer Venture Partners and Team8. axios.link/44orQNw

🚑 ProLynx, an SF-based developer of long-acting obesity treatments, raised $70m in Series A funding. 5AM Ventures and OrbiMed led, joined by Monograph Capital. axios.link/3KF8Ofc

• OnCorps AI, a Boston-based agentic AI platform for fund operations, raised $55m from Long Ridge Equity Partners. axios.link/3MwTL7N

🚑 Medra, an SF-based platform for physical AI scientists, raised $52m in Series A funding. Human Capital led, joined by Lux Capital, Neo, NFDG, Catalio Capital Management, Menlo Ventures, 776, and Fusion Fund. axios.link/44lcZ6s

• Runware, developer of "one API for all AI," raised $50m in Series A funding led by Dawn Capital. axios.link/4oPpWN8

• Bobyard, a SF-based estimates platform for contractors, raised $35m in Series A funding. 8VC led, joined by Pear VC, Primary Venture Partners, Tishman Speyer, RXR, Caffeinated Capital, and Merrick Ventures. axios.link/3MTklYN

• Qargo, a U.K.-based transport management system, raised $33m in Series B funding. Sofina led, joined by Balderton Capital. quargo.com

• RelationalAI, a Berkeley, Calif., business decision intelligence platform, raised $22.5m from Snowflake Ventures and AT&T Ventures, per Axios Pro. axios.link/3KKuzKz

• Allonnia, a Boston-based mining biotech startup, raised $20m in Series A extension funding from Viking Global Investors, Bison Ventures, General Atlantic, BHP Ventures, and Pivotal Capital Partners. axios.link/48A1nis

🚑 Parallel, an NYC-based teletherapy and special ed provider for K-12 schools, raised $20m in Series B funding. Valspring Capital led, joined by Rethink Impact. axios.link/48HVw9x

• Surf, an AI intelligence platform for digital assets, raised $15m. Pantera Capital led, joined by Coinbase Ventures and DCG. axios.link/4rOyxm5

Yonda Tax, a London-based business tax automation platform, raised $15m. Kennet Partners led, joined by NYO Capital and Portfolio Ventures. axios.link/4py6E08

🚑 Valinor, an SF-based clinical trial tech startup, raised $13m in seed funding from CRV, Harpoon Ventures, Amino Collective and Pelion Venture Partners, per Axios Pro. axios.link/3XORI1s

🚑 Subsense, a NYC-based maker of brain-computer interfaces to treat neurodegenerative diseases, raised $10m in new seed funding from Golden Falcon Capital, per Axios Pro. axios.link/4qnfpdx

• Kilo Code, an SF-based coding assistant led by Gitlab cofounder Sid Sijbrandij, raised $8m. Cota Capital led, joined by Breakers, General Catalyst, Quiet Capital, and Tokyo Black. axios.link/3KE7RDS

• Channel3, an NYC-based developer of a connected database of all products available online, raised $6m in seed funding led by Matrix Partners. axios.link/3MwBpDW

• BoodleBox, a collaborative AI platform for higher ed, raised $5m in seed funding. Dogwood Ventures and Osage Venture Partners led, joined by JFFVentures, ECMC Group, Hivers and Strivers, Service Provider Capital, the UVU Wolverine Fund, and City Light Capital. axios.link/44VxjeT

• Avocet Partners, an insurance-focused investment and operating platform, launched with $500m in equity commitments from Oaktree Capital Management and Lane42 Investment Partners. It also agreed to buy EMC National Life Insurance Co. avocetpartners.com

⚡ Blackstone agreed to acquire MacLean Power Systems, a Ft. Mill, S.C.-based utility parts maker from Centerbridge Partners and CFT Capital Partners. McLean will be merged with Blackstone portfolio company Power Grid Components. axios.link/4pZUj4z

• Brailsford & Dunlavey, a Bernhard Capital Partners portfolio company, acquired Project Management Advisors, a Chicago-based real estate consultant. axios.link/4pz0IE6

📖 The Chernin Group made a minority investment in romance publisher Entangled Publishing. axios.link/4aL9Roh

• ExperiGreen Lawn Care, a Wind Point Partners portfolio company, acquired Turf Masters Brands, a Roswell, Ga., provider of residential lawn and tree services, from CenterOak Partners. axios.link/48xBm3j

• General Atlantic and CPP Investments agreed to buy Boats Group, an online marketplace for recreational boats, from Permira (which retains a minority stake). axios.link/3XOvjkM

🚑 Great Point Partners acquired a majority stake in Lenis Group, Slovenian-pharma commercialization and distribution firm. axios.link/4q5jyTd

• Oak Hill Capital agreed to acquire Hunter Communications, a fiber-optic internet provider in Oregon and Northern California, from Grain Management. axios.link/3XNjxXW

• Pro-Vision, a Vance Street Capital portfolio company, acquired Spartan Radar, a Los Alimitos, Calif.-based provider of collision-avoidance technologies. axios.link/4a59g0x

• The Rapid Group, a Hidden Harbor Capital Partners portfolio company, acquired Pumping Solutions, a Clifton, N.J.-based provider of pump repair and other services for commercial and residential high-rise buildings. axios.link/4pVOZz6

• WorkWise, a CriticalPoint portfolio company, acquired Bizhaven, a Sacramento, Calif.-based provider of HR and safety solutions. axios.link/4rOpbqt

🚑 Arcline agreed to sell Medical Manufacturing Technologies, a Charlotte, N.C.-based provider of medical device manufacturing solutions, to Perimeter Solutions (NYSE: PRM) for $685m. axios.link/4rO9lfk

• Compass Diversified hired Raymond James to sell Atlanta-based feminine care company The Honey Pot, which it acquired last year for $380m, per Reuters. axios.link/4rRSx7j

• Enova International (NYSE: ENVA) will pay $369m to acquire Grasshopper Bank, a New York-based digital lender whose backers include Patriot Financial Partners, Endeavour Capital Advisors, FJ Capital, Carpenter & Co., GCP Capital Partners. axios.link/4pDYV0C

• Finastra Group, a Vista Equity Partners portfolio company, hired PJT Partners to sell its U.S. banking software unit, which could fetch more than $200m, per Bloomberg. axios.link/4oGh0tn

🚑 Handspring Health, a VC-backed pediatric telemental health company, acquired Joon, a Seattle-based peer that had raised $6m from Route 66 Ventures, PSL Ventures, and City Light Capital. axios.link/48MexYF

🔥 The Riverside Co. agreed to sell CertaSite, an Indianapolis-based fire protection and life safety company, to APi Group (NYSE: APG). axios.link/3KAbQkR

• Stripe acqui-hired the team of Valora, a digital wallet startup that raised $20m from a16z, Polychain Capital, SV Angel, Nima Capital, NFX, and Valor Capital. The Valora app will be acquired by cLabs, which spun out Valora four years ago. axios.link/4pxn7Sc

• Tata Consulting Services agreed to acquire Coastal, a West Palm Beach, Fla.-based Salesforce consultancy, for $700m from Sverica. axios.link/3YkSnrp

• AppDirect, an SF-based B2B subscription commerce platform valued by VCs at over $1.7b, acquired vCom Solutions, a San Ramon, Calif., provider of IT lifecycle management for midsized companies, for over $100m. axios.link/3KPbqXT

• Church & Dwight (NYSE: CHD) agreed to sell the VitaFusion and L'il Critters multivitamin brands to Piping Rock Health Products. axios.link/4iNT320

⚡ Sembcorp Industries of Singapore will pay A$6.5b to acquire control of Australian energy company Alinta Energy. axios.link/3KL1EpI

• RFE Investment Partners, a Westport, Conn.-based PE firm, is raising up to $250m for its 10th fund, per an SEC filing.

• Oak HC/FT is raising up to $2b for its sxith fund, per a public pension document.

• Swish Ventures, led by ex-NBA player Omri Casspi, raised a $100m opportunity fund. axios.link/48NlTLc

• Nick Clegg, Meta's former head of global affairs, is joining London-based VC firm Hiro Capital as a general partner. Hiro also is adding Meta's outgoing chief AI scientist, Yann LeCun, as an advisor. axios.link/4oLTb3k

• Michael Hsu, former acting comptroller of the currency, is joining Core Innovation Capital as a venture partner, per Axios Pro. axios.link/3KtAxPX

• Olympus Partners is promoting Sam Greenberg to partner. axios.link/4pwetmL

• SungMo Park, former APAC lead at Monad, is joining a16z crypto as head of APAC go-to-market. The firm also is opening a South Korea office. axios.link/3XOB7e1

Lots of talk right now about how 2026 is going to be a banner year for IPOs, led by a SpaceX offering that could be the largest of all time.

• Just a quick reminder that bankers always say "next year" is when IPOs will roar. Maybe this time it will actually be true.