December 04, 2020
On November 30, 2020, Amblin Partners (“Amblin”) announced a new multi‑year film distribution partnership with Universal Filmed Entertainment Group, as well as a series of new agreements that chart a clear course for the next phase of growth for Amblin. Among the agreements, Participant, which as a founding partner played a key role in the formation of Amblin in 2015, will exit its role as an equity holder of Amblin. NBCUniversal has also agreed to re‑invest in Amblin, continuing its position as an equity holder. Cravath is representing Amblin in connection with Participant’s exit and NBCUniversal’s re‑investment.
Amblin also announced the closure of an amended and restated syndicated revolving credit facility led by J.P. Morgan and Comerica. The facility continues longstanding relationships with a number of additional banking partners, and in total includes City National Bank, Union Bank, Wells Fargo Bank, Bank Hapoalim, CIT Bank, East West Bank, Fifth Third Bank, California Bank & Trust, Citizens Bank and Preferred Bank. The facility will fund ongoing corporate operations, as well as production and development activities for both film and television. Cravath is representing Amblin in connection with the transaction.
The Cravath team includes associate P. Purun Cheong on M&A matters; partner George E. Zobitz, of counsel Christopher J. Kelly and associate Jarrod L. Hall on banking matters; partner Lauren Angelilli, senior attorney Andrew Carlon and associate Carlos Nicholas Obando on tax matters; and associate Christopher C. Gonnella on executive compensation and benefits matters.
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