February 14, 2023
On February 9, 2023, The Walt Disney Company (“Disney”) issued a statement in response to Nelson Peltz’s announcement that Trian Fund is no longer pursuing a proxy contest at Disney. Cravath represented Disney in connection with this matter.
The Cravath team is led by partners Faiza J. Saeed, George F. Schoen and Daniel J. Cerqueira and includes associates Joseph A. Marshall and Ahra Cho on corporate and activist defense matters; partners John W. White, Michael L. Arnold and Kimberley S. Drexler and associate Zekariah P. McNeal on corporate governance matters; partner Jonathan J. Katz, senior attorney Sarah W. Colangelo and associates Anna Mikaelyan and Bianca Hsing on executive compensation and benefits matters; and partners David J. Kappos and Sasha Rosenthal‑Larrea and associate Christopher P. Davis on intellectual property matters. Natan Sebhat also worked on corporate and activist defense matters.
Deals & Cases
August 08, 2023
On August 8, 2023, ESPN announced an agreement with PENN Entertainment (“PENN”) to launch ESPN BET, a branded sportsbook for fans in the United States. PENN Entertainment will rebrand its current sportsbook and relaunch as ESPN BET, effective this Fall in the 16 legalized betting states where PENN Entertainment is licensed. The rebrand includes the mobile app, website, and mobile website. In connection with the transaction, PENN Entertainment has agreed to grant ESPN warrants to purchase approximately 31.8 million PENN common shares that will vest ratably over 10 years, with the potential for ESPN to receive additional bonus warrants to purchase up to an additional approximately 6.4 million PENN common shares. ESPN is 80 percent owned by ABC, Inc., an indirect subsidiary of The Walt Disney Company. Cravath is representing The Walt Disney Company (“Disney”) in connection with the transaction.
Deals & Cases
September 30, 2022
On September 30, 2022, The Walt Disney Company (“Disney”) announced that it has entered into a support agreement with Third Point LLC (“Third Point”). Cravath is representing Disney in connection with the support agreement.
Deals & Cases
October 28, 2021
On October 28, 2021, ViacomCBS Inc. announced that ViacomCBS Networks International has entered into a definitive agreement to acquire a majority stake in Spanish language content producer Fox TeleColombia & Estudios TeleMexico from The Walt Disney Company (“Disney”) and the founding family of Fox TeleColombia & Estudios TeleMexico. ViacomCBS International Studios’ VIS will operate Fox TeleColombia & Estudios TeleMexico as a collaborative partnership with the founding family. Cravath is representing Disney in connection with the transaction.
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