Disney’s $3.47 Billion Sale of Its Interest in the YES Network to Investor Group Including the Yankees and Sinclair

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.

The Cravath team was led by partners Faiza J. Saeed and George F. Schoen and included associates Matthew M. Kelly, Justin B. Stein, DongHwa Kim, Michael Zhang and Mose Hogan III 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 associate Daniel P. Herrmann 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 and practice area attorney Laurel R. Berkowitz on real estate matters. Ryan J. Wichtowski also worked on intellectual property matters.