On August 7, 2025, Paramount Global and Skydance Media (“Skydance”) announced the completion of their merger, creating a standalone global media and entertainment company, Paramount, a Skydance Corporation (“Paramount”). Paramount Class B shares will begin trading today on the Nasdaq Stock Market LLC under “PSKY.” Cravath represented the Paramount Special Committee in connection with the transaction.

On August 5, 2025, ESPN, a subsidiary of The Walt Disney Company (“Disney”), and the National Football League (“NFL”) announced a non‑binding agreement under which ESPN will acquire NFL Network and certain other media assets owned and controlled by the NFL, including NFL’s linear RedZone Channel and NFL Fantasy, in exchange for a 10% equity stake in ESPN. The NFL and ESPN are also entering into a second non‑binding agreement, under which the NFL will license to ESPN certain NFL content and other intellectual property to be used by NFL Network and other assets. Cravath is representing Disney and ESPN in connection with the transaction.

Cravath represented the underwriters in connection with the $4 billion registered fixed‑to‑floating rate subordinated notes offering of JPMorgan Chase & Co., a leading global financial services firm. The transaction closed on July 23, 2025.

On July 31, 2025, Intellectual Asset Management (IAM) and World Trademark Review (WTR) published an article authored by Cravath partner David J. Kappos and associate Callum A.F. Sproule. The article, entitled “Navigating IP Landmines in the Age of AI: What Companies Need to Know” in IAM and “AI and IP: What Companies Need to Know to Avoid Legal Landmines” in WTR, discusses the growing uncertainty surrounding the protectability of AI‑generated content under existing copyright, patent, trademark and trade secret frameworks. It outlines the key legal risks businesses face when using generative AI, including questions of human authorship, enforceability, infringement and data security and offers guidance on how companies can adapt their IP strategies to mitigate exposure.

On August 4, 2025, Martin Marietta Materials, Inc. (“Martin Marietta”) announced that it has entered into a definitive agreement with Quikrete Holdings, Inc. (“Quikrete”) for the exchange of certain assets. Under the terms of the agreement, Martin Marietta will receive aggregates operations producing approximately 20 million tons annually in Virginia, Missouri, Kansas and Vancouver, British Columbia, as well as $450 million of cash. In exchange, Quikrete will receive Martin Marietta’s Midlothian cement plant, related cement terminals and North Texas ready‑mixed concrete assets.

Cravath represented the underwriters in connection with the $1.5 billion registered fixed rate/floating rate senior notes offering of The PNC Financial Services Group, Inc., one of the largest diversified financial services companies in the United States. The transaction closed on July 21, 2025.

On July 11, 2025, the Oxford Business Law Blog published an article by Cravath partner David J. Kappos entitled “Ten Reasons Why the UK Should Join Europe's Unified Patent Court.” The article examines the potential benefits of the United Kingdom joining the Unified Patent Court, outlining legal, economic and strategic outcomes including increased influence over European patent policy, reduced costs and complexity for UK patentees and enhanced support for innovation infrastructure. 

On July 24, 2025, Lawdragon announced the inclusion of 16 Cravath partners in its annual “Lawdragon 500 Leading Global Litigators” list, recognizing the lawyers “at the forefront of” a “massively growing field.” The list is assembled based on independent research, vetting by peers and a robust nomination process.

On July 24, 2025, the India Business Law Journal named Cravath among the “Significant Players” in its 2025 ranking of the top foreign law firms for India-related work. The publication highlighted the Firm’s representation of HDFC Bank Limited as U.S. counsel in its $40 billion merger with HDFC Limited, as well as the Firm’s representation of HMS Networks AB as special U.S. counsel in its acquisition of Red Lion Controls. The Firm was also praised by an interviewee for its consistent “quality of service.”

On July 23, 2025, Cravath partner Benjamin G. Joseloff and European counsel Roberto Bruno participated in the 2025 GOP International Academy event “From Boardroom to Courtroom: International Trade and Business Law in Current Times,” which was hosted by international law firm Gianni & Origoni from July 21-25 in London. Ben and Roberto led a session entitled “The Committee on Foreign Investment in the United States (CFIUS) and the Regulation of Foreign Direct Investment in the Second Trump Administration,” which reviewed recent developments in U.S. investment security policy. The GOP International Academy, which is supported by the Italian National Bar Council, the Italian Higher School of Advocacy, the Law Society of England and Wales and the Bar Council of England and Wales, provides professional development experiences designed for Italian lawyers, English solicitors, graduate students, trainees and holders of postgraduate diplomas.

On July 18, 2025, BroadStreet Partners (“BroadStreet”), a leading middle-market insurance brokerage, announced the successful closing of a strategic investment by an investor group led by Ethos Capital, British Columbia Investment Management Corporation and White Mountains Insurance Group, Ltd. (“White Mountains”). Accounts advised by T. Rowe Price Investment Management, Inc. also participated. Ontario Teachers’ Pension Plan will retain a significant co control stake in BroadStreet and continue its partnership with the Ethos-led investor group. Cravath is representing White Mountains in connection with the transaction.

Cravath partner Andrew T. Davis participated in “Basics of International Taxation 2025,” a program presented by the Practising Law Institute from July 22‑23 in New York. Andrew spoke on a panel entitled “Compliance with Minimum Taxes,” which discussed compliance with the OECD Pillar 2 rules and U.S. corporate alternative minimum tax (CAMT), including their impact on M&A transactions.

On July 22, 2025, private investment firm Lindsay Goldberg announced the sale of Liquid Tech Solutions, a tech-enabled provider of on-site mobile refueling solutions, to Velocity Rail Solutions, a Wind Point Partners portfolio company. Cravath is representing Lindsay Goldberg in connection with the transaction.

On July 21, 2025, ZimVie Inc. (“ZimVie”), a global life sciences leader in the dental implant market, announced their entry into a definitive agreement pursuant to which ZimVie will be acquired by an affiliate of ARCHIMED (“ARCHIMED”), an investment firm focused exclusively on healthcare industries. Under the terms of the merger agreement, ZimVie stockholders will receive $19.00 in cash for each share of ZimVie common stock outstanding at the closing of the transaction, corresponding to an enterprise value of approximately $730 million. Cravath is representing ZimVie in connection with the transaction.

On July 16, 2025, Cravath partner and former White House and U.S. Department of the Treasury official Benjamin G. Joseloff testified before the Subcommittee on National Security, Illicit Finance, and International Financial Institutions of the United States House Committee on Financial Services. The hearing entitled “U.S. Policy on Investment Security” examined how the Committee on Foreign Investment in the United States (“CFIUS”) balances national security safeguards with maintaining an open investment environment.

On July 16, 2025, AngloGold Ashanti plc (“AngloGold Ashanti”), an independent, global gold mining company, announced that certain of its subsidiaries have entered into a definitive agreement with Augusta Gold Corp. (“Augusta Gold”) to acquire all issued and outstanding shares of common stock of Augusta Gold at a price of C$1.70 per share of common stock in cash. The price implies an enterprise value for Augusta Gold of approximately C$197 million (approximately $143 million). Cravath is representing AngloGold Ashanti as U.S. counsel in connection with the transaction.

Cravath partner Kimberley S. Drexler participated in the Society for Corporate Governance’s 2025 National Conference, which was held from July 9‑12, 2025 in Colorado Springs. The program, entitled “Elevating Governance,” addressed challenges facing governance leaders through a combination of panels, keynotes, fireside chats and interactive roundtable sessions on topics including the corporate environment, core governance practices, key governance moments and the regulatory landscape. Kimberley spoke on a panel entitled “Taking a Fresh Look at Committee Structures,” in which panelists examined current demands and challenges, as well as evolving best practices, for board committees.

Cravath represented the administrative agent and lead arrangers in connection with the arrangement of $1.42 billion and €1.29 billion of term loan facilities made available to Aggreko, a portfolio company of I Squared Capital and TDR Capital and a global leader in energy solutions, providing rapidly deployable, temporary and semi permanent modular power and temperature control solutions, with strong diversification across customers, geographies and end‑markets. The transaction closed on July 1, 2025.

On July 10, 2025, Cravath partner David J. Kappos delivered a guest lecture to students in the Master of Business and Science (“MBS”) program at Rutgers University, as part of the Fundamentals of Intellectual Property class. The course, designed to teach MBS students the practical and strategic foundations of intellectual property, including how to protect, evaluate, negotiate and commercialize IP assets across industries, features guest lectures from scientists, executives and patent attorneys who are experts in the IP field.

On July 11, 2025, Lawdragon announced the inclusion of 20 Cravath partners, across its Corporate, Litigation and Tax departments, in its third annual “Lawdragon 500 X – The Next Generation” list, recognizing the “next generation of legal leaders in America and around the world.” The list, assembled based on independent research and vetting by peers, highlights “mesmerizing, multi‑talented, dedicated, focused” lawyers who “provide a forecast of the fascinating future of global law practice” and have “proven themselves early in private practice, accruing credentials, deals and cases early and often.”