Firm leadership succession at top private equity firms isn't new. My first-ever magazine cover was on the subject, as some of the industry's first generation of founders faced retirement, and that was 20 years ago.

• What happened earlier this month at Carlyle Group, however, was unique.
• In short, it appears to be the first time that a major firm's founders have picked a successor, let him operate for several years and then reasserted control (sans scandal or medical issue).

ICYMI: Carlyle announced at 9:55pm ET on a Sunday night that CEO Kewsong Lee was out, effective immediately even though his contract ran through year-end. Firm co-founder Bill Conway was in as interim CEO.

Backstory: Lee always was a hired gun at Carlyle, first joining from Warburg Pincus in 2013 as deputy CIO for private equity. Four years later he was named co-CEO alongside longtime Carlyle vet Glenn Youngkin, setting up the sort of succession competition that's not uncommon at large PE shops.

• Lee bested Youngkin, now Virginia's governor, and became sole CEO in late 2020.

Fast forward: Lee's departure may have been a long time coming, due to simmering tensions between the 57-year-old and Carlyle's three co-founders, but the hammer fell hastily (as evidenced by the PR rollout).

• Some reporting suggests that the driving issues were about firm strategy, as Lee had pushed hard to diversify past Carlyle's leveraged buyout roots.
• But, in an internal memo sent to Carlyle employees and obtained by Axios, Conway wrote about continuing to "execute our business plan and build on the firm's strong performance across our three segments — global private equity, global credit and global investment solutions."
• Other reporting, which I've confirmed with sources, is that Lee earlier this year proposed new contract terms to which the founders never responded. Perhaps because of the megabucks ask, which wasn't necessarily out of line with industry comps, but more because Lee's management style had begun to rub his predecessors the wrong way.
• Carlyle shares are down around 8.5% since the switch.

Look ahead: No word yet on Lee's future plans, except that he hasn't figured them out yet. Carlyle is said to have hired executive search firm Russell Reynolds to find a permanent CEO.

• Lee, Conway and fellow Carlyle co-founder David Rubenstein all declined interview requests.

Electronic Arts (Nasdaq: EA) shares surged 16% in premarket trading on a Swedish report that Amazon (Nasdaq: AMZN) is prepping a takeover bid, but then returned to Earth after CNBC poured cold water on the speculation.

Why it matters: Such a bid would be further confirmation that Amazon isn't scared by regulatory sabre-rattlers, following its MGM and One Medical deals. Moreover, any antitrust move against Amazon on EA could drag Microsoft into the Big Tech investigation fray, given its pending purchase of EA rival Activision Blizzard.

Price talk: EA shares closed yesterday at $127.61 per share, for a $35 billion market cap. If we use MSFT/AB's 45% premium as a comp, a takeover offer for EA could come in north of $50 billion.

The bottom line: "EA has been an acquirer and the subject of acquisition rumors in recent years. The maker of Madden, The Sims and Apex Legends is one of the largest pure gaming companies in the world and has been trying to expand into a more digital future, with an added focus on mobile gaming and games that run as year-long services. Its expertise would vastly upgrade Amazon's scattered gaming efforts." — Stephen Totilo, Axios Gaming

🚑 Alma, a NY-based membership network for therapists to build their practices, raised $130m in Series D funding. Thoma Bravo led, and was joined by Cigna Ventures and insiders Insight Partners, Optum Ventures, Tusk Venture Partners, Primary Venture Partners and Sound Ventures. https://axios.link/3ArxX3R

• Animoca Brands, a crypto gaming and web3 firm, said that its Japanese unit raised $45m at a $500m valuation from Animoca and MUFG Bank. https://axios.link/3wUW6ir

🚑 eTheRNA, a Belgian developer of mRNA therapeutics, raised €39m in Series B2 funding from Kenneth Chien (Moderna co-founder), Marijn Dekkers (ex-Bayer and Thermo Fisher CEO) and insiders LSP, PWV, Grand Pharma, Fund+ and Omega Fiund. https://axios.link/3QUE6N0

• Tridge, a South Korean agricultural marketplace backed by SoftBank, raised $37m in Series D funding led by DS Asset Management at a $2.7b valuation. https://axios.link/3wzhUQd

• Zumper, an SF-based property rental platform, raised $30m in Series D1 funding. Kleiner Perkins led, and was joined by Goodwater Capital and Greycroft. https://axios.link/3pNp2EW

• Lily AI, a Mountain View, Calif.-based startup that helps online retailers match customers with products, raised $25m in Series B funding from Canaan Partners, Conductive Ventures, Sorenson Ventures and NEA. https://axios.link/3PLVMcc

• ConverseNow, a voice AI technology platform for restaurants, raised $10m from Enlightened Hospitality Investments. https://axios.link/3QRUAp8

• Flyway, a second home co-ownership platform, raised $10m from Signal Ventures, Monday Capital, GroupRMC, Florian Hagenbuch and Alex Chatzieleftheriou. https://axios.link/3TeEyXY

• Clarity Movement, a Berkeley, Calif.-based air-quality monitoring startup, raised $9.6m. Amasia and the Active Fund co-led, and were joined by Spero Ventures, SOSV, Launch Fund and The Climate Syndicate. https://axios.link/3QQw1J8

🚑 Alongside, a Seattle-based adolescent mental health startup, raised $5.5m in seed funding. Trilogy Equity Partners led, and was joined by Pack VC and Madrona Venture Labs. https://axios.link/3QQ7EeJ

• 48forty, a Houston-based portfolio company of Audax PE and Summit Partners, acquired Midwest-focused pallet company CALco Pallets. www.48forty.com

🎵 Blackstone is among the bidders for Pink Floyd's catalog, as first reported by the FT and confirmed by Axios Pro. https://axios.link/3KpwdMZ

🎵 Francisco Partners is in advanced talks to buy Kobalt Music Group, a London-based music publishing and rights management services company that’s raised over $550m from firms like GV, Section 32, MSD Capital and Balderton Capital. https://axios.link/3PQn4OM

🚑 KKR walked away from it's A$14.8b all-cash offer to buy Australian hospital operator Ramsay Health Care (ASX: RHC), after the company said it wouldn't consider on an alternative cash-and-stock bid. https://axios.link/3co9RPi

🚑 Prestige Medical Imaging, a Newburgh, N.Y.-based radiology platform backed by Atlantic Street Capital, acquired medical imaging providers MedServ Plus (Beaver Falls, Pa.) and XRV Healthcare (Springfield, Va.). www.prestigemedicalimaging.com

🚑 ProPharma Group, an Overland Park, Kan.-based portfolio company of Odyssey Investment Partners, acquired OneSource Regulatory, a McKinney, Texas-based provider of medical regulatory consulting and technology. www.propharmagroup.com

⚡ Starwood Energy and utility-focused startup TS Conductor formed a $100m joint venture focused on upgrading the nation’s aging electric grid. https://axios.link/3PMkGbP

• WestView Capital Partners invested in Purple Strategies, an Alexandria, Va.-based PR firm co-founded by GOP consultant Alex Castellanos and Democratic Party consultant Steve McMahon. https://axios.link/3Ao49Fa

• Everbridge (Nasdaq: EVBG), a Burlington, Mass.-based critical events management software firm, is seeking a buyer, per Bloomberg. Its market cap was $1.4b prior to the report. https://axios.link/3CEdg7D

• JCP Investment Management has acquired more than a 1% stake in Kirby Corp. (NYSE: KEX) and is pushing the Houston-based barge operator to explore a sale or breakup, per Bloomberg. https://axios.link/3QTq7qJ

• Siam Commercial Bank, Thailand's oldest bank, is abandoning its $500m agreement to acquire Thai crypto exchange Bitkub. https://axios.link/3AolM7I

• Cyberstarts, an Israeli cybersecurity-focused VC firm, raised $60m for its third fund. www.cyberstarts.com

• Eerie Insurance (Nasdaq: ERIE) launched a corporate venture fund, in partnership with Touchdown Ventures. www.eerieinsurance.com

• Symbolic Capital, a web3 VC firm led by Polygon co-founder Sandeep Nailwal and Cere co-founder Kenzi Wang, raised $50m for its debut fund. https://axios.link/3AKnT7g

• Go deeper: Profit margins hit 72-year high