On December 8, 2025, Paramount, a Skydance Corporation (“Paramount”), announced it has commenced an all-cash tender offer to acquire all of the outstanding shares of Warner Bros. Discovery, Inc. (“WBD”) for $30.00 per share in cash, equating to an enterprise value of $108.4 billion. Paramount’s proposed transaction is for the entirety of WBD, including the Global Networks segment. Cravath is representing Paramount in connection with the transaction.

On December 6, 2025, Viatris Inc. (“Viatris”), a global healthcare company, announced it has entered into definitive agreements with Biocon Limited (“Biocon”) for the sale of Viatris’s equity stake in Biocon Biologics Limited. Under the definitive agreements, Biocon will acquire all of Viatris’s convertible preferred equity in Biocon Biologics Limited for a total consideration of $815 million, consisting of $400 million in cash and $415 million in newly issued equity shares of Biocon. Cravath is representing Viatris in connection with the transaction.

Cravath partner Nicole M. Argentieri participated in the American Conference Institute’s 42nd Annual Conference on FCPA and Global Anti‑Corruption, which was held from December 3‑4, 2025 in Washington, D.C. Nicole, who co‑chaired the conference, led a fireside chat with the Acting Assistant Attorney General for the Criminal Division Matt Galeotti about the Division’s priorities and revised policies. Nicole also interviewed Emma Luxton, the Director of Operations for the UK Serious Fraud Office about recent updates to SFO’s corporates guidelines and case announcements, and introduced Deputy Attorney General Todd Blanche, who gave his first speech on the state of white collar enforcement.

On December 4, 2025, Cravath partner Benjamin G. Joseloff participated in GCR Live: Foreign Investment Control 2025, which was held in London. The conference brought together international decision makers, specialists and experts, including government officials, enforcers, in-house counsel, private practice lawyers and economists to analyze and discuss the latest developments in foreign investment control. Ben spoke on a panel entitled “Navigating CFIUS: Is it Shaping Global Deal‑Making?,” which discussed how recent reforms and enforcement trends are reshaping deal strategy and investor behavior, how to build CFIUS risk assessment into early‑stage deal planning and cross‑border investment strategy, main trends of enforcement and navigating multi‑jurisdictional screening processes.

On November 28, 2025, Cravath’s antitrust practice was ranked among the “Elite” in Global Competition Review’s 2026 edition of GCR 100, a guide to the world’s best competition practices. This is the fourteenth consecutive year the Firm has been ranked in the highest tier among New York Firms by GCR. The publication highlighted Cravath as a “premier choice for major antitrust litigation, enforcement actions and high‑profile transactional matters,” noting its representations of clients including Corteva in antitrust litigation brought by the FTC and related putative class actions; Elsevier in putative class action antitrust litigation; Epic Systems in an action filed by Particle Health; and Wiz on antitrust matters in connection with its $32 billion acquisition by Google.

On December 3, 2025, Cravath partner Daniel J. Cerqueira participated in the International Bar Association’s 10th Annual Corporate Governance Conference, which was held December 3‑4 in Frankfurt, Germany. Dan co‑chaired a session entitled “Shareholder Rights and Activism: What Were the Highlights of 2025 and What to Expect for 2026,” which included a review of the most notable activist campaigns from 2025, highlighting their impact on corporate strategies and shareholder value, regulatory developments which have the potential to influence the direction of activist campaigns and the trend of global activist campaigns including the increased role of U.S. activist investors in European markets.

Danielle Rolfes is the Partner in Charge of the KPMG Washington National Tax practice. In this episode of On Tax, she and Cravath partner and host Len Teti talk about Danielle’s upbringing, her early career choices and what she considers an unusual path to leadership in the world of tax in front of an audience of students and members of the D.C. community at Georgetown University Law Center for the show’s first live recording. They also discuss what Danielle most enjoys about working in a national tax practice, and the different paths available to young tax lawyers just beginning their careers.

Cravath represented the underwriters in connection with the $750 million registered senior notes offering of CBRE Services, Inc., a direct wholly‑owned subsidiary of CBRE Group, Inc., the world’s largest commercial real estate services and investment firm. Proceeds of the offering will be used to repay borrowings under CBRE Group, Inc.’s commercial paper program used to finance CBRE Group, Inc.’s acquisition of Pearce Services, LLC. The transaction closed on November 13, 2025.

In November 2025, Cravath was shortlisted for Law.com International’s 2025 Banking and Finance Team of the Year award as part of Law.com International’s annual British Legal Awards. The awards honor the “standout achievements of law firms, in‑house teams, chambers, and individuals who are driving the legal profession forward,” recognizing landmark deals, innovative strategies, impactful advocacy and client service shaping the future of the UK legal landscape.

Cravath represented the underwriters in connection with the $500 million registered senior notes offering of Polaris Inc. Polaris Inc. designs, engineers, manufactures and markets powersport vehicles and also designs and manufactures or sources parts, garments and accessories. The transaction closed on November 13, 2025.

Cravath represented the underwriters in connection with the $900 million registered senior notes offering of The Mosaic Company, the world’s leading producer and marketer of concentrated phosphate and potash crop nutrients. The transaction closed on November 13, 2025.

Cravath represented the underwriters in connection with the $700 million registered notes offering of Canadian National Railway Company. Canadian National Railway Company engages in the rail and related transportation business. The transaction closed on November 12, 2025.

Cravath represented the underwriters in connection with the $500 million registered notes offering of Howmet Aerospace Inc., a leading global provider of advanced engineered solutions for the aerospace and transportation industries. The transaction closed on November 12, 2025.

On November 25, 2025, Robinhood Markets, Inc. (“Robinhood”) announced it is extending its prediction markets offering through a new joint venture and partnership with Susquehanna International Group (“Susquehanna”) to operate a CFTC-licensed exchange and clearinghouse. Robinhood will serve as the controlling partner. The independent joint venture will serve Futures Commission Merchant platforms with futures and derivative products, including prediction markets. The venture will accelerate delivery of its services by acquiring MIAXdx, a CFTC-licensed Designated Contract Market, Derivatives Clearing Organization and Swap Execution Facility, and wholly-owned subsidiary of Miami International Holdings, Inc. (“MIAX”). MIAX will remain invested through a strategic 10% equity stake in the exchange. Cravath is representing Robinhood in connection with the transaction.

On November 21, 2025, Cravath prepared a memo for its clients entitled “SEC’s Division of Corporation Finance Significantly Reduces Staff’s Role in the Rule 14a‑8 Process for the 2025‑2026 Season.” The memo examines the Division of Corporation Finance’s (“CorpFin”) changes to the Rule 14a‑8 process for the 2025‑2026 proxy season that greatly reduce the staff’s role in the process.

Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $2 billion revolving credit facility made available to Thomson Reuters Corporation, a leading AI and technology company empowering professionals with trusted content and workflow automation. The transaction closed on November 10, 2025.

Cravath represented Booking Holdings Inc. in connection with its €1.5 billion registered senior notes offering. Booking Holdings Inc. is a leading provider of online travel and travel‑related reservation and search services. The transaction closed on November 7, 2025.

Cravath has elected the following new partners, who will become members of the Firm on January 1, 2026:

In November 2025, Global Investigations Review selected Cravath’s investigations practice for the GIR 100, a global guide to the world’s leading investigations practices, which recognizes the firms that can “handle sophisticated matters with confidence and expertise” and are “best equipped to navigate the legal, regulatory and reputational challenges of a corporate investigation.” Firms are selected through a combination of detailed submissions, client feedback and independent analysis.

Cravath partner David J. Kappos and associate Leslie Liu co‑authored an article entitled “Burgeoning Patent Licensing Programs Necessitate Best Practices,” which was published in Bloomberg Law on November 18, 2025. The article discusses emerging best practices for patent pool licensing programs, including open participation, robust disclosures, transparent and consistent pricing and fair distribution of royalties, and suggests that patent pools should impose minimal restrictions in their license agreements.