S&C Advises AT&T Inc. in $108.7 Billion Acquisition of Time Warner Inc.

October 22, 2016

S&C is advising AT&T Inc. in its definitive agreement to acquire Time Warner Inc. in a stock-and-cash transaction valued at $107.50 per share. This purchase price implies a total equity value of $85.4 billion and a total transaction value of $108.7 billion, including Time Warner's net debt.
 
Time Warner is a global leader in creating premium content, has the largest film and TV studio in the world and an extensive library of entertainment. Time Warner owns HBO, Warner Brothers and Turner Networks, among others. AT&T has unmatched direct-to-customer distribution across television, mobile and broadband. The combined company will combine premium content with a distribution network capable of delivering it based on customer preferences.
 
The S&C team advising AT&T Inc. was led by Joseph Frumkin, Eric Krautheimer and Melissa Sawyer. Andrew Mason advised on tax matters; Matthew Friestedt advised on executive compensation and benefits matters; Nader Mousavi advised on intellectual property matters; Neal McKnight and Ari Blaut advised on financing matters; and Steven Peikin, Adam Paris and William Monahan advised on litigation matters.