Emerging and Founder‑Led Companies

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 January 30, 2026, the California Court of Appeal affirmed the Superior Court of California, County of San Mateo’s grant of summary judgment in favor of Cravath client Dfinity Foundation (“Dfinity”) in a putative securities class action related to Dfinity’s Internet Computer Protocol (“ICP”) master governance tokens. Dfinity is a Swiss not‑for‑profit entity working to create a smart contract platform designed to power blockchain versions of popular internet applications.

Cravath represented the underwriters in connection with the $212.8 million initial public offering of class A common stock of BitGo Holdings, Inc. (“BitGo”), a leading infrastructure provider of digital asset solutions for businesses, offering solutions including custody, wallets, staking, trading, settlement and digital asset management. The shares were listed on the New York Stock Exchange. The transaction closed on January 23, 2026.

On December 18, 2025, WildBrain Ltd. (“WildBrain”) announced it has signed a definitive agreement to sell its 41% stake in Peanuts Holdings LLC (“Peanuts”), the holding entity for the Peanuts IP, to Sony Music Entertainment (Japan) Inc. and Sony Pictures Entertainment Inc. (together, “Sony”) for C$630 million cash. The ownership of rights to the Peanuts brand and the management of its business are handled by Peanuts Worldwide LLC, a wholly owned subsidiary of Peanuts. The family of Charles M. Schulz, creator of Peanuts, retain their 20% stake in the brand. Cravath is representing the family of Charles M. Schulz in connection with the transaction.

On December 11, 2025, the U.S. Court of Appeals for the Ninth Circuit unanimously affirmed the U.S. District Court for the Northern District of California’s finding that Apple Inc. (“Apple”) committed civil contempt based on Apple’s willful violations of a permanent injunction that Cravath client Epic Games, Inc. (“Epic”) previously secured against Apple. The Court of Appeals affirmed several contempt sanctions imposed by the District Court against Apple, while modifying or reversing in part certain other sanctions and remanding to the District Court for further proceedings. The Court also unanimously affirmed the denial of Apple’s request to vacate or modify the permanent injunction based on recent California state court decisions and denied Apple’s request to reassign the case to a different district judge on remand.

On March 11, 2026, at its annual U.S. Awards in New York, Benchmark Litigation honored Cravath partner Antony L. Ryan as its “Securities Litigator of the Year.” The awards recognize “the country’s most distinguished litigators and their firms for their exemplary work over the past twelve months.” At the awards ceremony, Benchmark Litigation highlighted Antony’s successful representation of Robinhood in the sprawling and high‑profile “meme stock” litigation. 

On March 4, 2026, Bloomberg featured Cravath partner Faiza J. Saeed as a top dealmaker of 2025, with her advice on M&A deals totaling roughly $90 billion over that period making her their single highest ranked woman lawyer. The article highlighted her representation of the Paramount Special Committee in Paramount’s $28 billion merger with Skydance, of Wiz in its $32 billion acquisition by Google, of Disney in its successful proxy fight against Trian, and in 2026, of Paramount in its $110 billion acquisition of Warner Bros. Discovery.

On February 11, 2026, Cravath was featured by Law360 as a “Competition Practice Group of the Year” in recognition of the Firm’s work on high‑stakes antitrust litigation and merger clearance. The profile highlighted the Firm’s trial victory for American Express, in which a jury unanimously found the company not liable for antitrust claims in a class action suit, and the successful dismissal of more than 50 lawsuits in MDL proceedings for Louis Dreyfus Co. The profile also recognized Cravath’s work for Epic Games, which includes securing a nationwide permanent injunction against Google after a trial victory that was later affirmed on appeal, and its representation of a Special Committee of Paramount Global’s board of directors in the company’s $28 billion merger with Skydance Media.

On March 4, 2026, Cravath published the latest edition of its Artificial Intelligence Developments Newsletter, which includes a high‑level review of activity across technical, regulatory, legal, and market areas of AI over the last month.  

On March 3, 2026, Cravath partner David J. Kappos participated in the Intellectual Property Office of Singapore’s “International Tech & IP Disputes Exchange (‘I‑TIDE’) 2026 — AI and Cross‑Border Tech Disputes” in New York. The program focused on arising legal challenges in the age of AI, such as copyright infringement, patent eligibility and trade secret protection. Dave moderated a panel entitled “International Commercial Conflicts Involving AI: Navigating Procedural Intricacies,” which analyzed how disputes arising from artificial intelligence and intellectual property are best resolved in a global, digital environment.