Tax

On August 14, 2025, Fitch Learning, a global leader in financial learning and professional certifications, announced it signed an agreement with Moody’s to acquire two of their businesses, Moody’s Analytics Learning Solutions, a global provider of credit training, and the Canadian Securities Institute, a leading provider of professional certifications for the Canadian financial services industry. Cravath is representing Fitch Learning in connection with the transaction.

Cravath represented ADT Inc. (“ADT”) in connection with the registered secondary offering by affiliates of Apollo Global Management, LLC of approximately $678.5 million of shares of ADT common stock, including ADT’s repurchase of a portion of such shares. ADT is a leading provider of security, interactive and smart home solutions. The initial transaction closed on July 28, 2025.

On August 10, 2025, International Money Express, Inc. (“Intermex”) and The Western Union Company (“Western Union”) announced they have entered into a definitive agreement under which Western Union will acquire Intermex in an all‑cash transaction at $16.00 per share, representing a total equity and enterprise value of approximately $500 million. Cravath is representing Intermex’s Strategic Alternatives Committee in connection with the transaction.

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.

Cravath released the Summer 2025 issue of its Alumni Journal, which highlights the Firm’s global alumni community. This issue features the career journey of Ed Weiss, Executive Vice President, Corporate Strategy and General Counsel at Fenway Sports Group, as well as a recent conversation with Margot Miller, the Global Vice President of Legal & Corporate Affairs at AB InBev and the company’s e‑commerce platform, BEES. This edition also spotlights the Firm’s antitrust practice and includes photos of the Firm’s new London office, which was recently relocated to 100 Cheapside. 

On August 11, 2025, Cravath published the latest edition of its Quarterly Review, which provides insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape. This edition covers:

On August 11, 2025, Cravath published the latest edition of its Venture Capital & Growth Equity Insights newsletter, which has been redesigned to provide greater insight into global venture capital and related activity during the first half of 2025 and outlook for the rest of the year. Key takeaways from this edition include:

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.”