Sports

Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with a $600 million inaugural term loan B facility made available to DraftKings, Inc. for general corporate purposes. DraftKings is a digital sports entertainment and gaming company created to be the Ultimate Host and fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming, and digital media. The transaction closed on March 4, 2025.

On January 6, 2025, The Walt Disney Company (“Disney”) and FuboTV Inc. (“Fubo) announced that they have entered into a definitive agreement for Disney to combine its Hulu + Live TV business with Fubo, forming a combined virtual MVPD company of which Disney will become the majority owner.

Cravath represented Morgan Stanley, as administrative agent, joint lead arranger, joint bookrunner and collateral agent, in connection with a $500 million revolving credit facility made available to DraftKings Inc. and certain of its subsidiaries. DraftKings Inc. operate as a digital sports entertainment and gaming company in the United States and internationally. The transaction closed on November 7, 2024.

Cravath represented Juventus Football Club S.p.A., as U.S. counsel, in connection with its €200 million offering of new ordinary shares with transferable pre‑emptive subscription rights granted to existing shareholders. Juventus Football Club S.p.A. operates as a leading professional football club in Italy. Its core business centers around the football club’s participation in national and international football competitions. The shares were listed on Euronext Milan. The transaction closed on March 27, 2024.

On April 2, 2024, Endeavor Group Holdings, Inc. (“Endeavor”), a global sports and entertainment company, announced that it has entered into a definitive agreement to be acquired by Silver Lake, the global leader in technology investing, in partnership with the Endeavor management team and additional anchor investors. Cravath is representing the independent Special Committee of Endeavor’s board of directors in connection with the transaction.

Cravath partner Faiza J. Saeed was named to The Hollywood Reporter’s annual “Power Lawyers” list, which recognizes “the entertainment industry’s most powerful legal advocates” and was published in the April 2, 2025 issue of The Hollywood Reporter Magazine. The feature highlighted Faiza’s representation of the Paramount Special Committee of independent directors in connection with Paramount’s $28 billion merger agreement with Skydance, as well as her representation of the independent Special Committee of Endeavor’s board of directors in connection with Endeavor’s $25 billion take private acquisition by Silver Lake. This is Faiza’s eighth year being recognized as a “Power Lawyer.”

On March 18, 2025, Cravath partner Evan Norris participated in the International Chamber of Commerce Mexico and the Anticorruption Commission’s IX Anticorruption Postgraduate Course, hosted in collaboration with Universidad Panamericana. The course brought together high‑level government officials, legal scholars and practitioners for sessions on combatting national and global corruption. Evan’s session focused on developments in U.S. criminal enforcement in sports.

On March 7, 2025, Cravath partners Faiza J. Saeed, Antony L. Ryan, Gary A. Bornstein, Wes Earnhardt, Yonatan Even, Daniel J. Cerqueira, David H. Korn and Claudia J. Ricciardi were named to Lawdragon’s inaugural list of “500 Leading Global Entertainment, Sports & Media Lawyers” in recognition of their work across Cravath’s Corporate and Litigation Departments advising clients in the entertainment, sports and media industries. The list, assembled based on research and vetting by peers, highlights leading lawyers who use their expertise to advise “hugely valuable clients as they extend their reach in a multimedia world.”

On January 28, 2025, Cravath was featured by Law360 as a “Tax Practice Group of the Year.” The article highlights the Tax Department’s work on a variety of complex transactions, including its role representing clients Amentum in its merger with Jacobs’s Critical Mission Solutions and Cyber and Intelligence businesses; Endeavor in its $25 billion take‑private acquisition by Silver Lake; Frontier in its $20 billion acquisition by Verizon; the Paramount Special Committee in its $28 billion merger agreement with Skydance; and Vista Outdoor in its $1.125 billion sale of Revelyst to SVP and $1.91 billion sale of its Sporting Products business to CSG.

Cravath partners Faiza J. Saeed, Daniel J. Cerqueira and Claudia J. Ricciardi were recognized in The Hollywood Reporter’s list of “Hollywood’s Top Dealmakers of 2024,” which was published in the December 4, 2024 issue of The Hollywood Reporter Magazine. The feature highlighted the dealmakers who made “the most impactful and intriguing mergers and acquisitions” happen in the industry this year. Faiza, Dan and Claudia were noted for their representation of the Paramount Special Committee in its $28 billion merger agreement with Skydance. Faiza and Claudia were also noted for their representation of the independent Special Committee of Endeavor’s board of directors in its $25 billion take private acquisition by Silver Lake.