The Legal 500 > United States > United States > Media and entertainment: transactional

Latham & Watkins LLP combines a strong track record in sector-specific transactions, such as film financing, co-production deals, talent deals, and IP licensing, with corporate and finance practices which receive frequent instructions in the media sector, including a notable uptick in joint venture work recently. On the corporate side, in March 2019 the team saw the arrival of Justin Hamill, who joined from the New York office of Paul Weiss and focuses primarily on large-scale M&A deals. Unsurprisingly, the primary nexus of the firm's media and entertainment practice remains its LA operation, which houses a strong partner-level contingent including practice head Joseph Calabrese, whose client roster includes several high-profile film studios and distributors. Financing specialist Nancy Bruington is another key figure within the team and acts for studios, networks, and production companies, as well as handling lender-side work for both commercial and investment banks.

O'Melveny & Myers LLP houses a strong film and television financing practice with a solid track record in co-financing and co-production deals, as well as distribution deals, licensing of existing IPs for filmed adaptations, and rights acquisitions. Practice co-chairs Matthew Erramouspe and Bruce Tobey, both of whom operate out of the LA office, are highly experienced in such deals, with Erramouspe of particular note due to his work with the growing contingent of Chinese investors seeking to operate in the US market. The firm is also active in media sector M&A and corporate work, with Tobey recently handling CBS' acquisition of a stake in PatMa, a multiplatform independent production company aimed at amplifying diverse voices. Other notable figures on the more corporate side of the firm's practice include Sean Monroe, whose recent work has included equity raising, investment and strategic partnerships, and spin-outs, and Silvia Vannini, whose practice covers both corporate and IP transactions.

Akin Gump Strauss Hauer & Feld LLP houses a team which is highly specialized in the financing of motion picture and television productions, with a strong track record in lender-side work, representing investment banks, funds, and commercial banks. Additionally, the firm is highly experienced in cross-border financing and advises several high-profile clients across Asia and the Middle East on their investments into the US entertainment space. LA-based Christopher Spicer chairs the practice, and recently advised Comerica Bank in connection with a $100m credit facility provided to Bron Studios, in addition to a $17m senior secured loan for the film Bombshell. Veteran practitioner John Burke remains a notable face within the media team due to his strong track record across the spectrum of lender and investor work, while Marissa Román Griffith and Alissa Miller have both seen recent instructions relating to bankruptcies in the media sector.

As part of its leading corporate practice, New York firm Cravath, Swaine & Moore LLP is involved in several big-ticket M&A matters for media and entertainment clients, including transactions which have fundamentally changed the shape of the current media landscape in the US. Most notably, the firm acted for Disney in its acquisition of Twenty-First Century Fox for $85bn, which had been subject to an interloper bid by Comcast. Additionally, the firm was again instructed by Disney to handle the related divestments of former Fox assets, such as the $10.6bn sale of Fox college Sports and 21 regional sports networks to Sinclair Broadcast Group, and the $3.4bn sale of its equity interest in the YES Network to an investment group including Sinclair and the New York Yankees. Presiding partner Faiza Saeed chairs the practice and is a key figure in the firm's work for Disney, along with George Schoen and Allison Wein.

Frankfurt Kurnit Klein & Selz PC has a wide-ranging, bicoastal entertainment transactions practice, with notable clients on both the talent and corporate side of the market across the television and film sector. New York based co-chair Richard Heller focuses primarily on acting for rights holders, including corporate entities and individual writers, in licensing their properties for adaptation or development into film, TV, or theatre productions, while fellow practice leader Michael Williams is more active on the performer side, negotiating deals for appearances in film and TV productions, as well as branding and image licensing deals. The firm also has a notable presence in the interactive entertainment space, including video games, social media, and virtual reality, with Sean Kane standing out for his expertise in these areas. Recently, Kane was instructed by Epic Games in relation to a series of licensing and image rights transactions to allow Epic to depict several well-known individuals, both real and fictional, in its popular video game Fortnite. Counsel Julie Murray, whose recent work includes advising production companies on co-production and financing agreements for their projects, is also recommended.

Sheppard, Mullin, Richter & Hampton LLP is highly active in the digital content and OTT distribution space and often advises Amazon and subsidiaries in content deals, as well as representing several notable production companies and studios in their dealings with other streaming service providers. The practice is jointly led from Century City by Robb Klein and Linda Michaelson, both of whom have significant practices in the film and television space, with Michaelson focusing more on strategic corporate transactions, while Klein is active in the field of day-to-day financing, distribution, licensing, and production deals. Also based in Century City is Sidney Fohrman, who leads the firm's music and esports industry teams and acts on the full range of mandates in both sectors. The firm has a particularly strong relationship with the American Society of Composers, Authors and Publishers, who instruct New York-based Daniel Schnapp in relation to various licensing matters. Robert Darwell is another key figure within the practice, and is particularly strong in the new media space, handling work for several clients including Amazon, as well as having significant experience in the areas of fashion and art law.

The corporate and M&A practice at New York firm Paul, Weiss, Rifkind, Wharton & Garrison LLP acts on several of the largest transactions in the media and entertainment space, advising both large corporates as well as investment funds on their M&A activity in this sector. Recent instructions have included large deals in the print media, television, streaming, and live events spaces, with key clients including the board of directors of CBS, Altice USA, and Authentic Brands Group. Key figures within the practice are Ariel J. Deckelbaum, who led the team which advised CBS' board on its merger with Viacom and has a strong track record in large M&A mandates in this sector, as well as Michael Vogel, a 2019 promotion to the partnership with substantial media M&A experience. Justin Hamill departed the firm in 2019 for Latham & Watkins LLP.

Weil, Gotshal & Manges LLP focuses on high-value corporate finance and M&A mandates for clients in the media space, with a particular focus on clients who own or operate television networks, as well as a range of financial institutions and funds with involvement in the media space. The practice is headed by Howard Chatzinoff and Michael Lubowitz, both of whom operate out of the New York office. Chatzinoff has a particularly strong track record in the sector, while Lubowitz leads the firm's broader M&A practice. Another key figure within the practice is Jackie Cohen, who recently advised Discovery Communications on its joint venture with Magnolia, the home and lifestyle brand owned by Chip and Joanna Gaines, which will create a multiplatform media company including a traditional television network and an over-the-top distribution service.

At Hughes Hubbard & Reed LLP, the media practice is engaged by a wide variety of clients across the sector to advise on transactional matters, with recent instructions coming from clients in the fashion, TV, live events, and film production industries, as well as social media, music, and digital publishing. The practice is led by New York-based Matthew Syrkin, who brings a long history of in-house experience to the table alongside his strong track record in transactional work. He recently assisted MGM studios-owned premium cable network EPIX in relation to partnerships and distribution deals deigned to give the network a presence in over-the-top content delivery. A notable highlight for the practice is its recent instructions in the field of art, having recently acted for Patrick Drahi in his $3.7bn take-private acquisition of Sotheby's auction house.

Proskauer Rose LLP houses a practice which combines large-scale M&A transactions with advice on rights deals, distribution agreements, and strategic joint ventures in the broadcast space. The firm's leading sports practice bleeds over into their media work, with several recent broadcast deals concerning sports networks, such as the firm's work for fuboTV on its  content distribution agreement with NBCUniversal, as well as work for sports leagues on the broadcasting of their events, such as the Ivy League's ten-year rights deal with ESPN, which was handled by New York-based TMT practice head Robert Freeman. Freeman is a key figure in the firm's practice, along with private equity and M&A specialist Lauren Boglivi and IP specialist Sandra Crawshaw-Sparks. The firm is particularly experienced in issues involving OTT distribution, with several recent mandates in the streaming space for both distributors and content creators.