A number of top international firms, like Cravath, Swaine & Moore and Mayer Brown, have advised on the $500 million sale of Hasbro-owned media company Entertainment One (eOne) to film and TV giant Lionsgate. Teams from global power cities such as London, New York and Paris were engaged to bolster the transaction.
The Cravath team led by the firm’s presiding partner Faiza J. Saeed and partners Daniel J. Cerqueira and Claudia J. Ricciardi, were key to advising Hasbro. Alongside them, Mayer Brown also reportedly advised Hasbro on the European aspects of the transaction, under corporate & securities partner Rebecca Bothamley’s supervision. This firm’s involvement builds on their previous advisement for eOne’s original acquisition by Hasbro back in 2019.
Last week’s announcement revealed that Hasbro secured an agreement with Lionsgate to sell film and TV business eOne for $500 million, a marked drop from the initial $4 billion paid in their acquisition, four years prior. The sale encompasses eOne’s employees and its content library of almost 6500 titles, featuring Oscar-winning movies such as ‘1917’ and ‘Green Book’, and television classics like ‘Grey’s Anatomy’ and ‘Peppa Pig’.
A transatlantic ensemble of firms, including not solely Cravath and Mayer Brown but also Canadian firms like Stikeman Elliot, provided counsel to Hasbro. Cravath’s integral team brought in the collective expertise of banking co-head Stephen M. Kessing, tax partner Ronald E. Creamer Jr., and two foreign associate attorneys, demonstrating Cravath’s use of its global referral network for international deals.
Seconded from firms Slaughter and May and Bredin Prat, Daniel Mills and Caroline Alexandra Forschbach were part of the Cravath team. On the other end, legal advice for eOne was provided by Canadian firm Osler, Hoskin & Harcourt, while a California-based Sheppard Mullin team represented Lionsgate.
Hasbro’s CEO, Chris Cocks praised the sale stating it fully aligns with their strategy, and applauded Lionsgate’s adept team in driving value, hopeful of finding a good home for their eOne film & TV business. Lionsgate already commands an 18,000-title library and an alignment with premium global subscription platform STARZ.
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