Cravath’s New York Office Moves to Two Manhattan West
Gary A. Bornstein was named to The Hollywood Reporter’s “New York Power Lawyers” list, which recognizes the “25 most powerful entertainment lawyers in New York” and was published in the September 19, 2024 issue of The Hollywood Reporter Magazine. The feature highlighted Gary’s representation of Epic Games in its successful antitrust litigation against Google and of a Special Committee of Paramount Global’s independent directors in connection with litigation matters related to the company’s pending $28 billion merger with Skydance.
Deals & Cases
December 19, 2023
On December 11, 2023, a jury unanimously ruled in favor of Cravath client Epic Games (“Epic”) on all counts in its closely watched antitrust case against Google in the U.S. District Court for the Northern District of California, determining—after a multiweek trial—that Google has engaged in anticompetitive behavior in the distribution of mobile apps and in the handling of in‑app payments.
Deals & Cases
July 08, 2024
On July 7, 2024, Paramount Global (“Paramount”), a leading global media, streaming and entertainment company, and Skydance Media (“Skydance”), a diversified media company founded to create high-quality, event-level entertainment for global audiences, announced that they have entered into a definitive agreement to form “New Paramount,” a next-generation media and technology leader, through a two-step transaction including the acquisition of National Amusements, Inc. (“NAI”), which holds the controlling share stake in Paramount, and subsequently a merger of Skydance and Paramount. Under the terms of the agreement, which has been approved by the Paramount Board of Directors, acting on the unanimous recommendation of the Special Committee of independent directors, and by NAI, Skydance will merge with Paramount in a transaction valuing New Paramount at an enterprise value of approximately $28 billion. Existing Skydance investors will receive 317 million newly issued Class B shares in New Paramount valuing Skydance at $4.75 billion based on $15 per Paramount Class B share. The Skydance Investor Group will invest up to $6 billion in offers to Class A and Class B stockholders, and use the additional capital to paydown debt and re-capitalize the balance sheet of New Paramount. NAI and its owners have entered into a definitive agreement to sell NAI to Skydance IG for $2.4 billion on a cash-free, debt-free basis. Cravath is representing the Paramount Special Committee in connection with the agreement.
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