Simpson Thacher and Latham & Watkins were primary legal advisers in Paramount Global’s recent merger with Skydance Media. The transaction, projected to establish a new entity known as “New Paramount,” has an estimated enterprise value of $28 billion, according to Simpson Thacher. This high-profile deal concludes the Redstone family’s control over Paramount because Shari Redstone has agreed to sell her family’s National Amusement Inc. for $2.4 billion; National Amusement presently holds about 77% of voting stock in Paramount.
Simpson Thacher’s team on this deal includes partners Katherine Krause and Eric Swedenburg, alongside associate Millen Trujillo. Latham & Watkins, advising Skydance, brought a team involving partners Justin Hamill, Bradley Faris, Ian Nussbaum, Max Schleusener, Rick Offsay, and Liliana Paparelli Ranger, complemented by tax partners Pardis Zomorodi, Katharine Moir, and Julie Crisp. Latham also represents an investor group led by the Ellison Family and RedBird Capital Partners, which have committed $8 billion.
Sullivan & Cromwell’s role involved advising RedBird Capital Partners, with a team headed by Los Angeles partners Alison S. Ressler and Eric M. Krautheimer. Cravath, Swaine & Moore guided Paramount Global’s Special Committee, with work led by Faiza J. Saeed, Daniel J. Cerqueira, and Claudia J. Ricciardi among others. This merger exemplifies the active engagement of top-tier legal firms in significant M&A deals.
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