Business Insider Features Cravath in “Power Players” Series

On June 20, 2018, The Walt Disney Company (“Disney”) announced that it signed an amended acquisition agreement with Twenty-First Century Fox, Inc. (“21st Century Fox”) under which Disney will acquire 21st Century Fox for $85 billion, rebuffing an interloper bid by Comcast to its original $66 billion agreement. The pending acquisition includes the Twentieth Century Fox Film and Television studios, along with its cable and international TV businesses. 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.

On July 1, 2020, PG&E Corporation and Pacific Gas & Electric Company (together, “PG&E”) announced that PG&E has emerged from Chapter 11, successfully completing its restructuring process and implementing PG&E’s Plan of Reorganization that was confirmed by the United States Bankruptcy Court on June 20, 2020. Cravath has represented PG&E as corporate, financing and litigation counsel in its Chapter 11 bankruptcy proceedings, as counsel in the arrangement of its Debtor‑in‑Possession financing, committed debt bridge financing, committed backstop equity financing and marketed equity exit financing, and in litigation related to the 2017 and 2018 Northern California Wildfires.

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.

On August 29, 2019, The Walt Disney Company (“Disney”) announced that it has sold its equity interest in the YES Network to a newly formed investor group that includes Yankee Global Enterprises (the “Yankees”) and Sinclair Broadcast Group (“Sinclair”), among others. The group acquired the 80 percent of the YES Network not already held by the Yankees at a total enterprise value of $3.47 billion. Cravath represented Disney in connection with the transaction.