George E.
Zobitz

On March 2, 2026, Select Medical Holdings Corporation (“Select Medical”) announced that it has entered into a definitive agreement pursuant to which an entity affiliated with a consortium led by Robert A. Ortenzio, Executive Chairman, Co-Founder and Director of Select Medical, Martin F. Jackson, Senior Executive Vice President of Strategic Finance and Operations of Select Medical, and Welsh, Carson, Anderson & Stowe (“WCAS” and, together with Mr. Ortenzio and Mr. Jackson, the “Consortium”) will acquire all of the outstanding shares of common stock of Select Medical not already owned by the Consortium for a price per share of $16.50 in cash, representing an enterprise value of $3.9 billion, on the terms and subject to the conditions set forth in the merger agreement. Cravath is representing the buyer consortium in connection with the transaction.

On February 27, 2026, Paramount Skydance Corporation (“Paramount”) and Warner Bros. Discovery, Inc. ("WBD") announced they have entered into a definitive merger agreement under which Paramount will acquire WBD. Under the terms of the agreement, Paramount will pay $31.00 per share in cash for all outstanding shares of WBD. The transaction values WBD at an enterprise value of $110 billion, and has been unanimously approved by the Boards of Directors of both companies. Cravath is representing Paramount in connection with the transaction.

On February 24, 2026, ADT, a leading provider of security, interactive and smart home solutions serving residential and small business customers in the U.S., announced it has acquired Origin Wireless, Inc. (“Origin”), bringing Origin’s AI sensing platform and related intellectual property into the ADT ecosystem. The purchase price for the transaction was $170 million in cash, subject to customary purchase price adjustments. Cravath is representing ADT in connection with the transaction.

On December 8, 2025, Paramount, a Skydance Corporation (“Paramount”), announced it has commenced an all-cash tender offer to acquire all of the outstanding shares of Warner Bros. Discovery, Inc. (“WBD”) for $30.00 per share in cash, equating to an enterprise value of $108.4 billion. Paramount’s proposed transaction is for the entirety of WBD, including the Global Networks segment. Cravath is representing Paramount in connection with the transaction.

On December 6, 2025, Viatris Inc. (“Viatris”), a global healthcare company, announced it has entered into definitive agreements with Biocon Limited (“Biocon”) for the sale of Viatris’s equity stake in Biocon Biologics Limited. Under the definitive agreements, Biocon will acquire all of Viatris’s convertible preferred equity in Biocon Biologics Limited for a total consideration of $815 million, consisting of $400 million in cash and $415 million in newly issued equity shares of Biocon. Cravath is representing Viatris in connection with the transaction.

On June 27, 2025, Cravath partners Michael A. Paskin, George E. Zobitz, Paul H. Zumbro, Jelena McWilliams, Lauren A. Moskowitz, Omid H. Nasab and Michael J. Zaken were named to Lawdragon’s 2025 list of “500 Leading Global Bankruptcy and Restructuring Lawyers” in recognition of their work advising clients during “crises that imperil their existence.” The list honors “lawyers who tune out the noise and find the path forward through tough negotiation, litigation, or complex financial arrangements,” and celebrates their ability to “help organizations move forward.”

On June 14, 2024, Cravath partners Michael A. Paskin, George E. Zobitz, Paul H. Zumbro, Jelena McWilliams, Lauren A. Moskowitz and Omid H. Nasab were named to Lawdragon’s list of “500 Leading Global Bankruptcy and Restructuring Lawyers” in recognition of their work advising clients on financial restructuring and reorganization and related litigation matters. The list recognizes the lawyers “who can make all the difference for a business, debtor or creditor and have done so time and time again.”

In May 2023, an article written by Cravath partners George E. Zobitz, Paul H. Zumbro and Eric W. Hilfers, entitled “Executive Compensation: Need for a Change to the Bankruptcy Code,” was featured in The American Bankruptcy Institute’s Best of ABI 2022: The Year in Business Bankruptcy, which recognizes the best American Bankruptcy Institute Journal business articles published in 2022. The Cravath partners’ article examines Section 503(c) of the Bankruptcy Code, a part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“BAPCPA”), and the adverse impact it has had on the ability of companies in bankruptcy to optimize executive compensation. The article provides three proposals to amend the Bankruptcy Code, which would give companies more flexibility in designing executive compensation plans during the bankruptcy process.

Cravath partners George E. Zobitz and Paul H. Zumbro co‑authored a chapter for Navigating Today’s Environment | The Directors’ and Officers’ Guide to Restructuring, which was published by FTI Consulting on February 15, 2023. The guide features advice for the leaders of distressed enterprises from over 90 experts in the field. Jed and Paul’s chapter, entitled “Distressed Company Communications: Maintaining Credibility with Key Constituencies,” focuses on the relevant considerations and strategic benefits of (appropriately) transparent communication with creditors, vendors, employees and customers.

Cravath partners George E. Zobitz, Paul H. Zumbro and Andrew M. Wark co‑authored the United States chapter of Lexology Getting The Deal Through’s “Distressed M&A 2023,” which was published in November 2022. The chapter surveys the current market climate and legal framework for distressed M&A and provides a comprehensive overview of these transactions. The authors address relevant considerations involving transaction structures and sale process, due diligence, valuation and financing, documentation, regulatory and judicial approvals, and dispute resolution.