Airbus and Leonardo are urging Brussels to approve a three-way merger with Thales to create a European space champion. The companies are preparing an EU filing as they argue Europe needs scale to compete with SpaceX.
6:19 AMFinancial Times8 stories from 5 sources
Strategic buyers chase scale across space, entertainment and commerce media
Day’s Recap
Supporting Articles
Ari Emanuel is in talks to buy theatre operator ATG for about $6bn from its private equity owner Providence. People close to the process expect a deal could be reached soon.
5:41 PMFinancial TimesWalmart says it plans to acquire Vibe.co to add a self-serve connected TV ad-buying platform into Walmart Connect. The deal targets small and mid-market advertisers, including third-party marketplace sellers, by lowering the barrier to launching CTV campaigns.
2:20 PMPYMNTS6:19 AMFinancial Times
Airbus and Leonardo call for European space champion to take on SpaceX
Summary
Airbus and Leonardo are urging Brussels to approve a three-way merger with Thales to create a European space champion. The companies are preparing an EU filing as they argue Europe needs scale to compete with SpaceX.
Why it matters
If Brussels blesses the deal, Europe may trade internal competition for a single scaled player built to match SpaceX’s pace and pricing.
5:41 PMFinancial Times
Ari Emanuel in talks to buy West End and Broadway group ATG for $6bn
Summary
Ari Emanuel is in talks to buy theatre operator ATG for about $6bn from its private equity owner Providence. People close to the process expect a deal could be reached soon.
Why it matters
It tests whether premium-priced assets in live entertainment can still clear at scale in a higher-rate deal market.
2:20 PMPYMNTS
Walmart Plans Vibe.co Acquisition to Court Smaller Advertisers
Summary
Walmart says it plans to acquire Vibe.co to add a self-serve connected TV ad-buying platform into Walmart Connect. The deal targets small and mid-market advertisers, including third-party marketplace sellers, by lowering the barrier to launching CTV campaigns.
Why it matters
If Walmart can productize CTV for SMBs, it can expand higher-margin ad revenue and deepen seller dependence on Walmart’s commerce media ecosystem.
Other Developments
A curated list of other prominent stories from this day.
Syndio acquired Embrace.ai to speed development of agentic AI features for its pay decision intelligence platform. The deal adds an AI-focused team to extend Syndio’s capabilities in analyzing and governing compensation decisions.
6:54 PMPYMNTSBob Iger said Disney pursued major dealmaking beyond its eventual Pixar, Marvel, and Lucasfilm buys, including a failed attempt to acquire the James Bond franchise, late-stage talks to buy Twitter that Disney abandoned just before closing, and discussions about a possible Apple-Disney merger.
3:53 PMVarietyBackbase acquired Kasisto, an agentic AI specialist for financial services. The companies did not disclose deal terms.
2:22 PMFinextraEdgewell Personal Care shares jumped almost 18% after the company disclosed it rejected an unsolicited takeover approach from private equity firm Yellow Wood Partners. The move signals investors now expect either a higher bid or another buyer to emerge.
1:29 PMBloomberg MarketsBristow Group is nearing an acquisition of private aviation operator Berry Aviation. The deal would expand Bristow's footprint in government services work, according to people familiar with the talks.
5:30 AMBloomberg Markets6:54 PMPYMNTS
Syndio Accelerates Agentic AI Roadmap With Embrace.ai Buy
Summary
Syndio acquired Embrace.ai to speed development of agentic AI features for its pay decision intelligence platform. The deal adds an AI-focused team to extend Syndio’s capabilities in analyzing and governing compensation decisions.
Why it matters
HR and pay equity software is moving from analytics to automated decisioning, which raises switching costs and regulatory stakes.
3:53 PMVariety
Disney Failed to Buy James Bond Franchise, Walked Away From Owning Twitter Hours Before the Deal Closed and Held Apple Merger Talks
Summary
Bob Iger said Disney pursued major dealmaking beyond its eventual Pixar, Marvel, and Lucasfilm buys, including a failed attempt to acquire the James Bond franchise, late-stage talks to buy Twitter that Disney abandoned just before closing, and discussions about a possible Apple-Disney merger.
Why it matters
Iger’s disclosures clarify how close Disney came to owning platforms and franchises that would have materially altered today’s media power map and Disney’s strategic options.
2:22 PMFinextra
Backbase buys agentic banking platform Kasisto
Summary
Backbase acquired Kasisto, an agentic AI specialist for financial services. The companies did not disclose deal terms.
Why it matters
Owning agentic AI strengthens Backbase's platform moat and speeds bank adoption of automation that can change cost and revenue profiles.
1:29 PMBloomberg Markets
Schick Razor Maker Edgewell’s Shares Leap on Rejected Offer
Summary
Edgewell Personal Care shares jumped almost 18% after the company disclosed it rejected an unsolicited takeover approach from private equity firm Yellow Wood Partners. The move signals investors now expect either a higher bid or another buyer to emerge.
Why it matters
A rejected bid can reset valuation and force strategic decisions, turning a quiet consumer staples name into an active deal situation.
5:30 AMBloomberg Markets
Bristow to Acquire Berry Aviation in Government Push
Summary
Bristow Group is nearing an acquisition of private aviation operator Berry Aviation. The deal would expand Bristow's footprint in government services work, according to people familiar with the talks.
Why it matters
A Berry deal would accelerate Bristow's move into steadier government revenue and could tighten competition for federal aviation contracts.
Make it yours
Build Your First Pass.
Pick your topics, set your cadence, and receive your personalized First Pass in your inbox. It’s that simple!