Tax

On August 7, 2025, Paramount Global and Skydance Media (“Skydance”) announced the completion of their merger, creating a standalone global media and entertainment company, Paramount, a Skydance Corporation (“Paramount”). Paramount Class B shares will begin trading today on the Nasdaq Stock Market LLC under “PSKY.” Cravath represented the Paramount Special Committee in connection with the transaction.

On August 5, 2025, ESPN, a subsidiary of The Walt Disney Company (“Disney”), and the National Football League (“NFL”) announced a non‑binding agreement under which ESPN will acquire NFL Network and certain other media assets owned and controlled by the NFL, including NFL’s linear RedZone Channel and NFL Fantasy, in exchange for a 10% equity stake in ESPN. The NFL and ESPN are also entering into a second non‑binding agreement, under which the NFL will license to ESPN certain NFL content and other intellectual property to be used by NFL Network and other assets. Cravath is representing Disney and ESPN in connection with the transaction.

On August 4, 2025, Martin Marietta Materials, Inc. (“Martin Marietta”) announced that it has entered into a definitive agreement with Quikrete Holdings, Inc. (“Quikrete”) for the exchange of certain assets. Under the terms of the agreement, Martin Marietta will receive aggregates operations producing approximately 20 million tons annually in Virginia, Missouri, Kansas and Vancouver, British Columbia, as well as $450 million of cash. In exchange, Quikrete will receive Martin Marietta’s Midlothian cement plant, related cement terminals and North Texas ready‑mixed concrete assets.

On July 18, 2025, BroadStreet Partners (“BroadStreet”), a leading middle-market insurance brokerage, announced the successful closing of a strategic investment by an investor group led by Ethos Capital, British Columbia Investment Management Corporation and White Mountains Insurance Group, Ltd. (“White Mountains”). Accounts advised by T. Rowe Price Investment Management, Inc. also participated. Ontario Teachers’ Pension Plan will retain a significant co control stake in BroadStreet and continue its partnership with the Ethos-led investor group. Cravath is representing White Mountains in connection with the transaction.

On July 22, 2025, private investment firm Lindsay Goldberg announced the sale of Liquid Tech Solutions, a tech-enabled provider of on-site mobile refueling solutions, to Velocity Rail Solutions, a Wind Point Partners portfolio company. Cravath is representing Lindsay Goldberg in connection with the transaction.

Cravath partner Andrew T. Davis participated in “Basics of International Taxation 2025,” a program presented by the Practising Law Institute from July 22‑23 in New York. Andrew spoke on a panel entitled “Compliance with Minimum Taxes,” which discussed compliance with the OECD Pillar 2 rules and U.S. corporate alternative minimum tax (CAMT), including their impact on M&A transactions.

On July 11, 2025, Lawdragon announced the inclusion of 20 Cravath partners, across its Corporate, Litigation and Tax departments, in its third annual “Lawdragon 500 X – The Next Generation” list, recognizing the “next generation of legal leaders in America and around the world.” The list, assembled based on independent research and vetting by peers, highlights “mesmerizing, multi‑talented, dedicated, focused” lawyers who “provide a forecast of the fascinating future of global law practice” and have “proven themselves early in private practice, accruing credentials, deals and cases early and often.”

On July 7, 2025, Cravath prepared a memo for its clients entitled “‘One Big Beautiful Bill’ Enacted: Impact on Clean Energy Incentives.” The memo examines the implications for certain clean energy incentives resulting from the budget reconciliation legislation (H.R. 1) commonly referred to as the “One Big Beautiful Bill,” which was signed into law by the president on July 4, 2025.

Lisa Siders is General Counsel at Avon Products, Inc. and the Chief Transformation Officer at Avon International. In the inaugural “Where Are They Now?” episode of On Tax, Lisa returns to talk with Cravath partner and host Len Teti about her career since she last appeared on the show as Vice President of Tax at Natura &Co in Season 1 (listen to that episode here). They also discuss the qualities that enable tax attorneys to excel across a variety of (sometimes unexpected) functions and reflect on the importance of building trust among clients and colleagues.

Cravath partner Arvind Ravichandran was featured as a guest on the June 27, 2025 episode of Slaughter and May’s podcast, “Tax News.” In the interview, Arvind discussed key tax aspects in the “One Big Beautiful Bill” that is currently working its way through Congress, including expected domestic and international tax changes, potential impacts on markets and key open items as the legislation moves towards passage.