A quartet of US firms have made their presence firmly known in the US legal market after earning key roles in the $84.5 billion takeover of Time Warner by AT&T. Time Warner is a well-known entertainment and media company. After The Walt Disney Company and Comcast, it is the world’s largest television networks and filmed TV and entertainment company in terms of revenue. AT&T is the second largest mobile network provider in the US and the largest telecommunications company in the world in terms of revenue. The deal, which is awaiting regulatory approval, is one of the largest the industry has ever seen, valued at $108.7 billion, including Time Warner’s net debt.
AT&T is seeking legal advice from regular counsel Sullivan & Cromwell alongside Arnold & Porter, while Cravath, Swaine & Moore and Weil, Gotshal & Manges have earned roles in advising Time Warner, which owns well known TV networks CNN and HBO. The deal is not soon after the takeover of Time Warner Group by Charter Communications in 2015, which was worth $55 billion.