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DirecTV is in advanced talks to acquire its satellite-TV rival Dish, potentially creating one of the largest pay-TV distributors in the US. The deal would allow DirecTV's owners, AT&T and private-equity firm TPG, to cut costs significantly, while providing Dish's owner, EchoStar, with a lifeline for upcoming debt payments. The merger would also include Dish's streaming television brand, Sling TV. However, the approval of regulators is uncertain, as the pay-TV market's competitiveness and the future of satellite TV are in question. [Extracted from the article]

A coalition led by Pete Stavros, a co-head of KKR's global private-equity business, is advocating for an expansion of employee stock ownership in U.S. companies to address wealth inequality. The group aims to update a 1974 federal law to make it easier for workers to own a part of their public or private company. The coalition, called Expanding ESOPs, includes foundations, academics, and service providers, and is focused on ensuring fair valuations, prioritizing front-line workers, and ensuring that tax breaks benefit workers. Employee stock-ownership plans have been shown to improve morale, reduce turnover, and increase productivity. However, the adoption of these plans has been limited, and the coalition seeks to address barriers to implementation. [Extracted from the article]

German media company Axel Springer has announced a decision to split its classifieds business from its media operations. CEO Mathias Döpfner and Vice Chairwoman Friede Springer will assume control of the media assets, including Politico, Business Insider, and German news publishers Bild and Die Welt. KKR, the company's largest shareholder, will take the classified assets. The split will allow Axel Springer to focus on expanding its media portfolio in the U.S., while KKR will acquire the more-profitable classifieds business. The final agreement is expected in the coming months, with the transaction set to close in the second quarter of 2025. [Extracted from the article]

The article focuses on BlackRock's new initiative to simplify access to private markets for individual investors through a model portfolio developed in partnership with Partners Group. Topics include BlackRock's move into private investments, the challenges of accessing private equity and credit, and the competitive landscape involving other asset managers expanding into private wealth offerings.

CEOs and financiers are finding themselves without a clear political home in the upcoming election. The traditional alliances between the Republican and Democratic parties and business interests have become muddled, leaving many business leaders without an obvious candidate whose platform aligns with their views. Some CEOs are concerned about Trump's plans for tariffs and the rise of populism within the Republican party, while others worry about higher corporate taxes under Vice President Kamala Harris. The decision is further complicated by social issues, with some business leaders prioritizing a woman's right to choose over tax policies. [Extracted from the article]

Goldman Sachs is expanding its asset-backed lending business by allowing certain asset-management clients, such as insurance companies, to invest alongside the bank when it loans money to borrowers. This move is part of Goldman's plan to double its private-credit assets under management to $300 billion in the next five years. The asset-backed lending business has grown due to the rise of private markets and the closure of regional banks that offered similar loans. Insurance companies, in particular, have shown a strong interest in less-risky debt to invest in. [Extracted from the article]

Blackstone, a major investment firm, plans to grant equity to most employees at the companies it acquires in the future. This initiative is part of a broader movement in the buyout industry to expand ownership beyond management ranks. Blackstone will begin by giving ownership to the approximately 18,000 employees of Copeland, a company it bought last year. The amount of equity granted will be tied to the firm's return on investment, and employees must still be with the company when it is sold or goes public to receive the incentive. This move follows similar efforts by rival firm KKR and aims to provide more opportunities for lower-level workers. [Extracted from the article]

Private equity firm Blackstone is set to acquire restaurant franchiser Tropical Smoothie Cafe for nearly $2 billion, including debt. Tropical Smoothie Cafe, based in Atlanta, operates over 1,400 locations across 44 states in the US, selling smoothies and other food items. Blackstone has a history of investing in franchise businesses and sees potential in the growth of the Tropical Smoothie Cafe brand. This deal marks Blackstone's return to private equity investments after a period of inactivity in 2023. [Extracted from the article]

Franklin Templeton, a well-known asset manager, has shifted its focus towards private markets after experiencing a decline in its mutual-fund business. Through a series of acquisitions, the firm now manages over $260 billion in alternative assets such as private credit. This move comes as traditional asset managers seek to tap into the rapid growth and lucrative fee streams of private equity. However, Franklin faces challenges in integrating these acquisitions and maintaining talent and clients. Other asset managers, such as T. Rowe Price and BlackRock, have also pursued similar strategies to enter the private markets. [Extracted from the article]

Paramount Global, controlled by Shari Redstone's National Amusements, is in exclusive talks to sell itself to Skydance Media. Under the proposed deal, Redstone's firm would receive over $2 billion in cash, while Paramount Global would acquire Skydance in an all-stock deal valued at around $5 billion. Nonvoting shareholders would receive stock in the combined company, resulting in a diluted shareholding. The deal would require approval from a special committee of Paramount's board, and other interested parties, such as Apollo Global Management, have also expressed interest in acquiring Paramount. [Extracted from the article]

Paramount Global, an entertainment conglomerate, has entered into exclusive merger discussions with Skydance, a production company led by David Ellison. This decision comes after Paramount received a $26 billion all-cash offer from private-equity firm Apollo Global Management. Paramount's directors chose to pursue a deal with Skydance over Apollo due to uncertainties about Apollo's financing. The merger would require approval from an independent committee of directors at Paramount. Paramount has been struggling to make its streaming service profitable and has attracted interest from other parties, including Warner Bros. Discovery and media executive Byron Allen. [Extracted from the article]

Blue Owl Capital, a fast-growing lender, is expanding into the insurance industry by acquiring Kuvare Asset Management. This move allows Blue Owl to enter the sought-after insurance market and increase its assets under management by $20 billion. Unlike other private-equity firms, Blue Owl's existing credit business focuses on lending to private-equity-backed companies, making this acquisition unique. The deal will provide Blue Owl with expertise in lower-risk and lower-return investment strategies that are well-suited to insurance customers. [Extracted from the article]

Private-equity billionaire David Rubenstein has reached an agreement to purchase the Baltimore Orioles from John Angelos, the eldest son of Peter Angelos, for $1.725 billion. Rubenstein, a Baltimore native, has long desired to buy his childhood team and has spent about three years negotiating with the Angelos family. If approved by other major-league owners, Rubenstein and his partners will acquire 40% of the organization initially and then buy the remaining equity after Peter Angelos's death. The deal includes the Orioles' majority share of the Mid-Atlantic Sports Network. [Extracted from the article]

Blackstone, a global investment firm, has hired Thomas Nides as vice chairman for strategy and client relations. Nides, a former executive at Morgan Stanley and ambassador to Israel, will support firmwide strategic initiatives and special projects, as well as maintain important client relationships. Blackstone is expanding its reach beyond private equity into areas such as credit, life sciences, and infrastructure investing. Nides brings extensive experience in banking and politics to his new role. [Extracted from the article]

Blackstone, a trillion-dollar asset manager, has promoted Ken Caplan and Lionel Assant to the newly created roles of co-chief investment officers. In their new positions, Caplan and Assant will oversee investments across the entire firm, which includes private equity, real estate, and hedge fund investing. The move reflects Blackstone's growth and its goal of sharing knowledge and investment themes across the company. Nadeem Meghji will also be appointed to take over Caplan's role as co-head of the firm's $330 billion real estate business. [Extracted from the article]

Skydance Media CEO David Ellison and other investors, including his father Larry Ellison, are in talks to buy a majority stake in National Amusements, the parent company of Paramount. If successful, the group would then pursue a merger between Paramount Global and Skydance. The discussions come as the entertainment industry faces challenges such as declining cable viewership and the economics of streaming. While there are other potential suitors for Paramount, the talks with Skydance are said to be more advanced. [Extracted from the article]

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