Media and Entertainment

On March 18, 2025, Wiz, Inc. (“Wiz”), a leading cloud security platform headquartered in New York, and Google LLC (“Google”) announced they have signed a definitive agreement for Google to acquire Wiz for $32 billion, subject to closing adjustments, in an all‑cash transaction. Once closed, Wiz will join Google Cloud. Cravath is representing Wiz as regulatory counsel in connection with the transaction.

Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with a $600 million inaugural term loan B facility made available to DraftKings, Inc. for general corporate purposes. DraftKings is a digital sports entertainment and gaming company created to be the Ultimate Host and fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming, and digital media. The transaction closed on March 4, 2025.

Cravath represented OT Midco Inc. in connection with its $637.5 million 144A/Reg. S high‑yield senior secured notes offering. OT Midco Inc. is a wholly owned subsidiary of Outbrain Inc., a leading technology platform that connects media owners and advertisers to over a billion unique consumers around the world. Proceeds of the offering were used to repay, in full, the bridge facility used to finance Outbrain Inc.’s acquisition of Teads S.A. The transaction closed on February 11, 2025.

On February 18, 2025, Light & Wonder, Inc. (“Light & Wonder”), the leading cross‑platform global games company, announced that it has entered into a definitive agreement to acquire the charitable gaming assets of Grover Gaming, Inc. and G2 Gaming, Inc. (together, “Grover Gaming”), a leading provider of electronic pull‑tabs for charitable gaming in the U.S., for total consideration of $850 million cash, subject to customary purchase price adjustments, and a four‑year revenue based earn‑out of up to $200 million cash. Cravath is representing Light & Wonder in connection with the transaction.

On February 3, 2025, Outbrain Inc. (“Outbrain”), a technology platform, announced the closing of its acquisition of Teads, a global omnichannel platform, from Altice. The two companies will merge their offerings to create an omnichannel outcomes platform for the open internet, and will operate under the name Teads. Outbrain, Altice and Teads have amended the previously announced share purchase agreement. Under the terms of the revised agreement, Outbrain will be paying a total consideration of approximately $900 million, consisting of $625 million upfront cash and 43.75 million shares of common stock of Outbrain valued at approximately $263 million. Cravath is representing Outbrain in connection with the transaction.

Cravath partners Gary A. Bornstein and Kevin J. Orsini were named to Crain’s New York Business’s list of “Notable Litigators and Trial Attorneys,” published on March 24, 2025. The list honors “a talented cohort” of litigators and trial attorneys who are “shaping precedent and advocating for their clients across industries and issues.”

Seven Cravath partners were selected to serve on Law360’s 2025 Editorial Advisory Boards: Wes Earnhardt (Media & Entertainment), Brittany L. Sukiennik (Trials), Douglas Dolan (Capital Markets), Arvind Ravichandran (Tax Authority International), Jeffrey T. Dinwoodie (Banking), Adam M. Sanchez (Private Equity) and Benjamin G. Joseloff (International Trade). As Editorial Advisory Board members, they will provide feedback on Law360’s coverage and expert insight on how best to shape future coverage.

On March 6, 2025, Benchmark Litigation honored Cravath at the publication’s sixteenth annual U.S. Awards, which was held in New York City in honor of “the elite litigators and the firms that set the standard for excellence.” The Firm was awarded Benchmark Litigation’s “Antitrust Firm of the Year” award. Cravath partners David R. Marriott and Timothy G. Cameron accepted the award on behalf of the Firm.

On March 7, 2025, Cravath partners Faiza J. Saeed, Antony L. Ryan, Gary A. Bornstein, Wes Earnhardt, Yonatan Even, Daniel J. Cerqueira, David H. Korn and Claudia J. Ricciardi were named to Lawdragon’s inaugural list of “500 Leading Global Entertainment, Sports & Media Lawyers” in recognition of their work across Cravath’s Corporate and Litigation Departments advising clients in the entertainment, sports and media industries. The list, assembled based on research and vetting by peers, highlights leading lawyers who use their expertise to advise “hugely valuable clients as they extend their reach in a multimedia world.”

On February 20, 2025, Cravath was featured by Law360 as a “Competition Practice Group of the Year.” The profile highlighted the Firm’s representations across litigation and antitrust clearance, including a “trailblazing antitrust verdict” for Epic Games in its trial victory against Google and the Firm’s successful antitrust guidance of Cisco Systems in its $28 billion acquisition of Splunk and of Aon PLC in its $13 billion acquisition of NFP. The profile also recognized Cravath’s successful defense of Robinhood Markets Inc. in antitrust claims before the Eleventh Circuit and victories for Meta in putative class action and individual antitrust litigation resulting in the dismissal of all claims.