Manhattan firms Cravath Swaine & Moore and Paul Weiss Rifkind Wharton & Garrison snared lead roles on Time Warner’s $9.25bn spin off of its cable television operations.
Long standing advisers Cravath advised Time Warner on the deal, which will see the media conglomerate separate from Time Warner Cable. Corporate relationship partner Richard Hall led the team.
Paul Weiss corporate partners Ariel Deckelbaum and Robert Schumer led the firm’s team advising Time Warner Cable on the deal, which will see Time Warner exchange its 12.4 per cent stake in Time Warner NY Cable Holding for 80 million new shares in Time Warner Cable.
Hall said: “The debate about whether those who generate programming should also own the function of distribution has been prevalent for a long time [and] this deal represents a shift of perspective of Time Warner in this debate.
“It has been rumoured that this would happen for a while, and it is extremely significant development in the market.”
US rival Skadden Arps Slate Meagher & Flom advised the special committee of the board of Time Warner Cable, led by partner Roger Aaron.