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The Walt Disney Company's $52.4 Billion Acquisition of Twenty‑First Century Fox, Inc.

On December 14, 2017, The Walt Disney Company (“Disney”) and Twenty‑First Century Fox, Inc. (“21st Century Fox”) announced that they have entered into a definitive agreement for Disney to acquire 21st Century Fox, including the Twentieth Century Fox Film and Television studios, along with cable and international TV businesses, for approximately $52.4 billion in stock, subject to adjustment. Immediately prior to the acquisition, 21st Century Fox will separate the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, FS1, FS2 and Big Ten Network into a newly listed company that will be spun off to its shareholders. Cravath is representing Disney in connection with the transaction.

The Cravath team is led by partner Faiza J. Saeed and includes associates Nicholas A. Dorsey, Allison M. Wein, Daniel J. Cerqueira, Sandeep S. Chhabra and foreign associate attorney Joshua B. Whitford on M&A matters; partners Stephen L. Gordon and Lauren Angelilli, senior attorney Andrew Carlon and associates Ashley N. Elnicki, Peter W. Rogers and Joyce Y. Kim on tax matters; partners Jonathan J. Katz and Eric W. Hilfers, senior attorney Nicole F. Foster and associates Daniel P. Herrmann and Jana I. Hymowitz on executive compensation and benefits matters; partner David J. Kappos and associate Nicholas Kypriotakis on intellectual property matters; and partner Matthew Morreale on environmental matters; and senior attorney Joyce Law and practice area attorney Brian M. Budnick on real estate matters. Kevin P. Gibson, Shaylyn Harper, Samantha J. Ostrom and Julia H. Rhieu also worked on M&A matters.