US heavyweights lead $9bn Time Warner cable sale
Cravath Swaine & Moore and Paul Weiss Rifkind Wharton & Garrison have bagged lead roles on the divestment by by Time Warner of its cable division in a $9.25bn deal, as the US media giant moves to refocus on its core television network, film and publishing operations. Time Warner - the world's largest media conglomerate - is being advised on the spin-off of Time Warner Cable by longstanding counsel Cravath, with corporate partners Richard Hall, Stephen Burns and Eric Schiele leading the deal team. Also involved for the elite Manhattan firm are finance partner Timothy Massad, tax department chair Stephen Gordon, tax partner Lauren Angelilli and employee benefits partner Eric Hilfers.
May 22, 2008 at 11:20 AM
2 minute read
Cravath Swaine & Moore and Paul Weiss Rifkind Wharton & Garrison have bagged lead roles on the divestment by by Time Warner of its cable division in a $9.25bn deal, as the US media giant moves to refocus on its core television network, film and publishing operations.
Time Warner – the world's largest media conglomerate – is being advised on the spin-off of Time Warner Cable by longstanding counsel Cravath, with corporate partners Richard Hall, Stephen Burns and Eric Schiele leading the deal team. Also involved for the elite Manhattan firm are finance partner Timothy Massad, tax department chair Stephen Gordon, tax partner Lauren Angelilli and employee benefits partner Eric Hilfers.
The New York firm has advised Time Warner on a number of major transactions in the past, including the 1989 merger between Time and Warner Communications, as well as AOL's $124bn (£63.47bn) takeover of the company in 2001.
Paul Weiss – which also has a longstanding relationship with the media giant – is advising Time Warner Cable, the second-largest US cable company after Philadelphia-based Comcast. M&A co-chair Robert Schumer led the firm's team on the deal, alongside corporate partner Ariel Deckelbaum and employee benefits chair Robert Fleder. Paul Weiss chairman Alfred Youngwood and Jeffrey Samuels, co-chair of the firm's tax department, are serving as tax counsel.
Skadden Arps Slate Meagher & Flom has also bagged a role on the divestment, advising a special committee of Time Warner Cable's board of directors. Roger Aaron, senior partner-in-charge of the corporate practice, is leading the team alongside M&A partner Stephen Arcano and tax partner Dean Shulman.
With the cable business divestiture behind it, Time Warner's next order of business could be determining the fate of its AOL arm. The division's advertising sales have failed to replace decreasing returns on internet access, long leading to speculation that it would be sold off.
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