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Tech M&A Advisory Firm AXOM Hires Morgan Stanley’s Buzz Black for Software Dealmaking

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AXOM Partners, a boutique advisory firm specializing in technology, has hired experienced investment banker Buzz Black from Morgan Stanley to strengthen its coverage of the enterprise software industry. Black, known for his work on significant software deals, will join AXOM in May following a period of gardening leave and will be based in San Francisco.

During his time at Morgan Stanley, Black advised on several high-profile software transactions, including Blackstone and Vista Equity Partners’ $8.4 billion acquisition of Smartsheet and KKR’s $4.8 billion deal for Instructure. He also played a role in cybersecurity transactions, such as the $560 million sale of Demisto to Palo Alto Networks and the 2017 sale of eSentire to Warburg Pincus.

In an interview, Black discussed the growing trend among large strategic buyers who often prefer acquiring companies with strong teams and cutting-edge technology, enabling faster market entry. His addition to AXOM is expected to enhance its ability to cover large enterprise software deals, complementing the firm’s existing focus on early-stage, venture-backed startups.

AXOM, founded in 2023 by Brandon Hightower, Alan Bressers, and Ross Weiner (former Qatalyst Partners bankers), has quickly established itself in the AI sector, advising on several high-profile deals such as Rockset’s sale to OpenAI, Nvidia’s acquisition of OctoAI, and MongoDB’s acquisition of Voyage AI. According to Hightower, Black’s experience will add valuable coverage and insight into both the buyer and strategic target sides of AI-focused transactions.

EchoStar Nears Deal to Sell Dish to DirecTV Amid Looming Debt Payment

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EchoStar, the company behind Dish Network, is reportedly close to selling its satellite TV business to rival DirecTV, with advanced talks in place, according to sources familiar with the situation. The deal could be finalized by Monday, though there is still a chance that discussions may fall apart.

The potential sale is driven by EchoStar’s urgent need to manage a $1.98 billion debt maturing in November. As of June 30, the company held only $521 million in cash and liquid assets, with negative cash flows expected for the rest of the year. Failure to refinance the debt earlier this week has heightened the pressure on EchoStar to find a solution. Bankruptcy may be on the horizon within the next four to six months if the company does not raise new capital, financial analysts have warned.

EchoStar’s talks with DirecTV include a potential all-cash transaction, which could surpass $9 billion. The deal is expected to cover Dish Network’s satellite TV business, its streaming service Sling, and associated liabilities. Dish has been trying to pivot towards the wireless sector for years, amassing a large amount of spectrum in the process, but no wireless spectrum is involved in this particular deal.

Satellite TV providers, once dominant players in the TV industry, have been losing market share to streaming services like Netflix, Disney+, and Amazon Prime Video. Dish Network ended its most recent quarter with 6.1 million satellite subscribers and 2 million Sling TV users. DirecTV, too, has seen a significant subscriber decline, dropping from 15.4 million when AT&T purchased the company in 2015 to around 11 million today.

DirecTV has been shifting focus to its streaming business, with its latest ad campaigns emphasizing that the service is available without the need for a satellite dish. Earlier this year, the company gained more than 20,000 new streaming customers. However, satellite TV remains its core offering for the bulk of its user base.

The satellite industry’s challenges were further highlighted by a recent distribution dispute between DirecTV and Disney, which resulted in ESPN and other Disney-owned networks going dark for nearly two weeks. A new agreement between the two companies has since been reached, allowing DirecTV to offer more targeted, genre-specific bundles of channels.

EchoStar has a total enterprise value of approximately $31 billion and a market capitalization of around $7.6 billion, according to market reports. While the future of Dish remains uncertain, the company’s financial situation is pushing it closer to a sale that could reshape the satellite TV landscape.