Four Decades for Justice
May 03, 2019
On May 3, 2019, The Walt Disney Company (“Disney”) and Sinclair Broadcast Group, Inc. (“Sinclair”) announced that they have entered into a definitive agreement under which Sinclair will acquire the equity interests in 21 Regional Sports Networks (the “RSNs”) and Fox College Sports for a total enterprise value of $10.6 billion. Cravath is representing Disney in connection with the transaction.
The RSN portfolio is the largest collection of RSNs in the marketplace today, with an extensive footprint that includes exclusive local rights to 42 professional teams consisting of 14 Major League Baseball teams, 16 National Basketball Association teams, and 12 National Hockey League teams. The RSNs were acquired by Disney in its acquisition of Twenty-First Century Fox, Inc.
The Cravath team is led by partners Faiza J. Saeed and George F. Schoen and includes associates Matthew M. Kelly, Justin B. Stein, DongHwa Kim and Michael Zhang on M&A matters; partners Stephen L. Gordon and Lauren Angelilli, senior attorney Andrew Carlon and associate Rebecca L. Fine on tax matters; partner Jonathan J. Katz and associates Daniel P. Herrmann and Jana I. Hymowitz on executive compensation and benefits matters; partners Michael S. Goldman and Nicholas A. Dorsey and associate Richard E. Schwartz on financing matters; partner David J. Kappos and associate Kathryn‑Ann Stamm on intellectual property matters; partner Matthew Morreale on environmental matters; and senior attorney Joyce Law on real estate matters. Mose Hogan III also worked on M&A matters.
Deals & Cases
April 04, 2024
On April 3, 2024, The Walt Disney Company (“Disney”) announced that, based on the tabulation of its proxy solicitor, it appears that Disney’s full slate of 12 directors has been elected by a substantial margin over the nominees of Trian and Blackwells at Disney’s 2024 Annual Meeting of Shareholders. Cravath is representing Disney in connection with this matter.
Deals & Cases
August 08, 2023
On August 8, 2023, ESPN announced an agreement with PENN Entertainment (“PENN”) to launch ESPN BET, a branded sportsbook for fans in the United States. PENN Entertainment will rebrand its current sportsbook and relaunch as ESPN BET, effective this Fall in the 16 legalized betting states where PENN Entertainment is licensed. The rebrand includes the mobile app, website, and mobile website. In connection with the transaction, PENN Entertainment has agreed to grant ESPN warrants to purchase approximately 31.8 million PENN common shares that will vest ratably over 10 years, with the potential for ESPN to receive additional bonus warrants to purchase up to an additional approximately 6.4 million PENN common shares. ESPN is 80 percent owned by ABC, Inc., an indirect subsidiary of The Walt Disney Company. Cravath is representing The Walt Disney Company (“Disney”) in connection with the transaction.
Deals & Cases
February 14, 2023
On February 9, 2023, The Walt Disney Company (“Disney”) issued a statement in response to Nelson Peltz’s announcement that Trian Fund is no longer pursuing a proxy contest at Disney. Cravath represented Disney in connection with this matter.
Deals & Cases
September 30, 2022
On September 30, 2022, The Walt Disney Company (“Disney”) announced that it has entered into a support agreement with Third Point LLC (“Third Point”). Cravath is representing Disney in connection with the support agreement.
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