Paul Zumbro Speaks at the 2021 ABI Winter Leadership Conference

On March 16, 2021, City Brewing Company, LLC (“City”), the leading co‑manufacturer of high‑growth beverages in the U.S., announced a series of business updates, as well as an equity investment after which a consortium of investors including Charlesbank Capital Partners, Oaktree Capital Management, LLC, Blue Ribbon Partners, LLC, and City management will own 100% of City Brewing. As part of this $630 million investment program, City has agreed to acquire the Irwindale brewery operations from Pabst Brewing Company. Once operational, the newly named “Irwindale Brew Yard” will be the largest full‑service, low‑alcohol beverage contract production facility in the western United States. Cravath is representing City Brewing Company in connection with the transaction.

On January 26, 2021, Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware entered an order approving confirmation of the chapter 11 plan of liquidation (the “Plan”) of The Weinstein Company Holdings LLC (“TWC”). The approval follows TWC’s filing of a voluntary petition for chapter 11 bankruptcy in March 2018 and a subsequent sale of substantially all of TWC’s assets to Spyglass Media Group for $310 million (subject to adjustment) in cash plus the assumption of up to $127.5 million in liabilities in July 2018. After the sale, Cravath served as lead counsel for the almost three years of extensive negotiations that led to the global settlement of potential claims against TWC and potential claims against various parties related to Harvey Weinstein’s misconduct. The settlement is incorporated in the Plan, which establishes a $17 million fund from which survivors of Harvey Weinstein’s sexual misconduct may receive compensation.

On January 8, 2021, Roku, Inc. announced that The Roku Channel will become the exclusive place to stream more than 75 premium shows and documentaries that Quibi, a streaming platform designed to deliver short‑form content, created in conjunction with Hollywood’s leading studios and production companies. Roku acquired the exclusive global distribution rights to Quibi’s award‑winning shows and will make the content available for free on an ad‑supported basis in 2021 to all Roku users. Following an internal restructuring by Quibi, Roku acquired Quibi Holdings, LLC, the company that holds all of Quibi’s content distribution rights. Cravath is representing Quibi in connection with the transaction.

On October 21, 2020, Quibi Holdings, LLC, a streaming platform designed to deliver short-form content, announced that it was winding up its business in order to preserve as much value as possible for its equity holders. As a result, the company will cease to carry on business except to the extent beneficial for the winding down thereof and to preserve the liquidation value of the company’s assets. Cravath is representing Quibi and its Board of Directors in connection with its out-of-court wind-down process.