Media and Entertainment

On August 8, 2023, EchoStar Corporation and DISH Network Corporation (“DISH Network”) announced they have entered into a definitive agreement for DISH Network to combine with EchoStar Corporation in an approximately $6 billion all-stock merger. Cravath is representing the Special Committee of the Board of Directors of EchoStar Corporation in connection with the transaction.

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.

On August 8, 2023, Light & Wonder, Inc. (“Light & Wonder”), a global leader in cross-platform games and entertainment, and SciPlay Corporation (“SciPlay”), a leading developer and publisher of digital games on mobile and web platforms, announced that they have entered into a definitive agreement under which Light & Wonder will acquire the remaining approximately 17% equity interest in SciPlay that it does not currently own for $22.95 per share in an all-cash transaction. Cravath is representing Light & Wonder in connection with the transaction.

On August 3, 2023, Hasbro, Inc., a leading toy and game company, announced that it has reached a definitive agreement to sell its eOne film and TV business to Lionsgate for approximately $500 million, consisting of $375 million in cash, subject to certain purchase price adjustments, and the assumption by Lionsgate of production financing loans. Cravath is representing Hasbro in connection with the transaction.

On May 11, 2023, the U.S. District Court for the Southern District of New York denied summary judgment to appropriation artist Richard Prince and his associated galleries in two copyright infringement cases brought by Cravath clients, the photographers Donald Graham and Eric McNatt, regarding works from Prince’s “New Portraits” series.

Between July 28 and August 11, 2023, Cravath advised on nine announced deals, including seven deals in a span of three business days. Cravath is representing:

Cravath partner Brittany L. Sukiennik was honored at Euromoney Legal Media Group’s annual Americas Women in Business Law Awards, which were held on June 8, 2023 in New York. Brittany received the 2023 “Litigation Rising Star” award, which recognizes lawyers “whose stars are shining brightest as future leaders in their jurisdictions.” Brittany’s selection reflected her representation of clients in the energy, technology, fintech and gaming industries on some of their most sensitive and complex litigation matters, as well as her maintenance of a robust pro bono practice including representation of incarcerated individuals.

The 2023 edition of Chambers USA ranked Cravath in the top tier nationally in six areas: Antitrust; Capital Markets (Investment Grade Debt – Manager Counsel); Corporate/M&A (The Elite); Securities (Litigation); Securities (Regulation – Advisory); and Tax (Corporate & Finance). In New York, the Firm was ranked in the top tier in seven areas: Antitrust; Corporate/M&A (The Elite); Environment (Mainly Transactional); Litigation (General Commercial: The Elite); Litigation (Securities); Media & Entertainment (Corporate); and Tax. Forty‑three Cravath lawyers were ranked across 19 practice categories.

Cravath partner Faiza J. Saeed was named to The Hollywood Reporter’s annual “Power Lawyers” list, which recognizes the top 100 lawyers in the media and entertainment industries and was published in the April 12, 2023 issue of The Hollywood Reporter Magazine. The feature, which described Faiza as “a master of high‑stakes M&A and corporate governance battles,” highlighted her representation of Disney in its successful proxy contest with Trian Fund and Hasbro in its successful proxy contest with Alta Fox Capital Management. This is Faiza’s sixth year being recognized as a “Power Lawyer.”

On March 28, 2023, Global Competition Review honored Cravath at the publication’s annual awards ceremony, which was held in Washington, D.C. in celebration of “the world’s leading antitrust lawyers and economists and the biggest cases from 2022.” The Firm was honored as GCR’s “Regional Firm of the Year” for the Americas, while partner Christine A. Varney was recognized as “Lawyer of the Year.” The Firm’s work over the last year included cases—many still ongoing—for clients including Blue Cross Blue Shield, Epic Games, Illumina, Meta and Robinhood.