Yesterday was deadline day for those seeking to buy media giant Warner Brothers Discovery, or at least parts of it.

• Three bids were submitted, Axios' Sara Fischer reports. Now it gets interesting.

The big picture: WBD's board doesn't have an obvious path to pick, and its ultimate decision is sure to be second-guessed. Including if it eschews outside suitors and moves forward with a previously announced plan to split the company.

Let's break it down:

Bidder No. 1: Paramount Skydance

• Bull case: This is the only offer for all of WBD, including its cable networks, which means the board could say yes and call it a day. It also may have smooth regulatory sailing, despite obvious horizontal consolidation and potential CFIUS issues, given the close relationship between President Trump and the Ellisons.
• Bear case: It may not be offering enough money. WBD believes the split would value its entire company at around $30 per share, but Paramount's initial approach was only $23.50 per share; moreover, some of that was in Paramount stock, which is down 5% over the past month. Paramount likely sweetened the pot, but we don't yet know by how much.

Bidder No. 2: Netflix

• Bull case: Money is no object, particularly given that Netflix only wants WBD's streaming and studio businesses. It even might have incentive to overpay, as this deal would give it the Hollywood movie studio it's never had but always wanted.
• Bear case: It could face antitrust challenges if regulators argue that media market size should be determined by number of streaming subscribers.

Bidder No. 3: Comcast

• Bull case: Like Netflix, it has a big balance sheet and only wants the streaming and studio assets. Comcast also has a similar strategic mindset to WBD, given that it too plans to split off cable networks.
• Bear case: President Trump despises Comcast CEO Brian Roberts, and could create regulatory troubles. An antitrust challenge is likely to fail — much like it did when Trump tried to block the AT&T-Time Warner merger during his first term — but it still could cost more time and legal bills than the WBD board wants to swallow.

Status quo: Warner Brothers Discovery

• Bull case: WBD has been working on its split for months, and believes in its $30 per share projections (31% premium to yesterday's closing price).
• Bear case: Projections are prone to crumble, and the birds in hand might prove too tempting. Plus, accepting a bid might let David Zaslav declare victory and go home to the Hamptons.

The bottom line: Expect a decision by year-end.

Physical Intelligence, a San Francisco-based developer of AI software for robots, raised $600 million led by CapitalG at a $5.6 billion valuation.

Why it's the BFD: There's tons of talk about how AI could lead to a white-collar jobpocalypse, in a reversal of the 1980s and 1990s factory automation boom. "Learn to plumb, not to code."

• But VCs are pumping a ton of cash into marrying AI and robotics, which suggests that all collar colors could get singed.

Other investors in PI round include Lux Capital, Thrive Capital, Jeff Bezos, Emergence, Index Ventures and T. Rowe Price.

Elsewhere: Flexion, a Swiss developer of software for humanoid robots, raised $50 million in Series A funding from DST Global Partners, NVentures, Redalpine, Prosus Ventures, and Moonfire Ventures.

The bottom line: "Physical Intelligence has invested heavily in gathering real-world data to teach its models. Some recent AI startups have taken more experimental approaches, including developing so-called world models that can generate simulated data to train models." — Shirin Ghaffary, Bloomberg

• Kalshi, the largest U.S. predictions market, raised $1b at an $11b valuation led by insiders CapitalG and Sequoia Capital, per TechCrunch. axios.link/48etqCF

• Genspark, a developer of agentic AI for knowledge workers, raised $275m in Series B funding at a $1.25b post-money valuation. Emergence Capital Partners led, joined by SBI Investment, LG Technology Ventures, Pavilion Capital, and Uphonest Capital. axios.link/4i8ZEnj

🚑 Aspen Neuroscience, a San Diego-based personalized cell therapy company, raised $115m in Series C funding from OrbiMed, ARCH Venture Partners, Frazier Life Sciences, Revelation Partners, Medical Excellence Capital, S32, Axon Ventures, Lyfe Capital, and LifeForce Capital. axios.link/3LSAtte

🚑 Sorcero, an agentic marketing platform for pharma, raised $42.5m in Series B funding, per Axios Pro. NewSpring Capital led, joined by Leawood Venture Capital and Blu Ventures. axios.link/3XEdvbU

🚑 AI Proteins, a Boston-based miniprotein drug developer, raised $41.5m in Series A funding. Mission BioCapital and Santé Ventures led, joined by Lightchain Capital and Cobro Ventures. axios.link/4rtGInR

• Perelel, a maker of women's supplements, raised $27m from Prelude Growth Partners and insiders Unilever Ventures, Willow Growth Partners, and Selva Ventures. axios.link/4rsk534

• Wispr, a dictation app, raised $25m. Notable Capital led, joined by Flight Fund. axios.link/4i8PP8V

🚑 Nest Health, a value-based care company focused on families, raised $22.5m in Series A funding from 8VC, Blue Venture Fund, Amboy Street Ventures, and Socium Ventures, per Axios Pro. axios.link/3K124bc

• Tidalwave, an AI platform for mortgage origination, raised $22m in Series A funding led by Permanent Capital, with D.R. Horton and Engineering Capital participating. axios.link/3LQf4B2

• Keychain, a CPG-focused manufacturing platform, raised $10m from W23 Global. axios.link/49pvmKS

🚑 Voio, a Berkeley, Calif.-based developer of unified reading tools for radiologists, raised $8.6m in seed funding from Laude Ventures and The House Fund. axios.link/4oQydRH

• Made Card, a mortgage-focused credit card, raised $8m from Jump Capital and Village Global. axios.link/3XGpTrQ

🚑 Mirantus Health, a German eye-screening startup, raised €5.5m from Revent, Redstone, Entrepreneur First, Noaber, and Arve Capital. axios.link/3X4ibrp

• NexDash, a German provider of digital infrastructure for electric road freight logistics, raised €5m in seed funding from Extantia Capital and Clean Energy Ventures. axios.link/4a25chp

🚀 Janus Henderson invested in Starlab Space, a Webster, Texas-based developer of commercial space stations. axios.link/3K2dqvC

🚑 Australian regulators plan to block Cosette Pharma, an Avista Healthcare Partners portfolio company, from acquiring Mayne Pharma (ASX: MYX). axios.link/4oYrc1q

🍕 Consortium Brand Partners and Eldridge Industries agreed to buy California Pizza Kitchen for under $300m, per Reuters. axios.link/4o9D7s2

• Encore, a Schiller Park, Ill.-based event production company owned by Blackstone, acquired U.K. peer Eclipse. axios.link/4oT8yrH

🌍 EQT agreed to buy a majority stake in Belgian environmental services firm Desotec from Blackstone. axios.link/4ibpdEx

• Majesco, a Thoma Bravo portfolio company, agreed to acquire Vitech, an NYC-based provider of pension and benefits administration software, from CVC Capital Partners (which will make a minority investment in Majesco). axios.link/3KiiDPT

• TA Associates invested in Aeris, a San Jose, Calif.-based provider of IoT connectivity SaaS. axios.link/3X6XLy3

🚑 TPG invested in Healthcademia, a U.K. health-care education company. axios.link/4i9gpyZ

• VRM Penzini Capital agreed to acquire Island Finance, a non-bank consumer financial institution in Puerto Rico, from J.C. Flowers. axios.link/4ihuRoy

• Hall Chadwick Acquisition, a SPAC formed by Australia's Hall Chadwick, raised $180m in its IPO. axios.link/4mA06w4

• Infinite Eagle Acquisition, the 10th SPAC led by Jeff Sagansky and Harry Sloan, filed for a $300m IPO. axios.link/4880jkh

🚑 GE HealthCare (Nasdaq: GEHC) agreed to buy Raleigh, N.C.-based medical imaging software provider Intelerad for $2.3b. Sellers would include Ardan Equity, ST6 Partners, and HG Capital. axios.link/3LTgF94

• Unilever (NYSE: UL) is weighing a sale of several British brands, including Marmite and Colman's, per Reuters. axios.link/4pm2uYC

• Veolia Environment (Paris: VIE) agreed to acquire Clean Earth, an Allentown, Pa.-based waste management and processing company, from Enviri (NYSE: NVRI) for $3.04b in cash. axios.link/4pm2pnA

• BVP Forge, a private equity group affiliated with Bessemer Venture Partners, raised $1b for its second fund. axios.link/3KhnPn9

• CapVest Partners secured around $3.8b for a single-asset CV focused on nuclear medicines company Curium, per Bloomberg. Backers include TPG, ICG, and CVC. axios.link/48pC16L

• MBK Partners of South Korea raised $5.5b for its sixth flagship buyout fund, short of its $7b target, per Bloomberg. axios.link/3K1L3O4

• Meron Capital, an Israeli pre-seed and seed investor, raised $70m for its third fund. axios.link/4iltyVB