Debevoise & Plimpton LLP is advising Discovery Communications Inc. in its purchase of 5.0 million common shares of Lions Gate Entertainment Corp ("Lionsgate"), resulting in a 3.4% shareholding of Lionsgate's current outstanding shares. As part of the transaction, Liberty Global plc has also agreed to purchase 5.0 million common shares in Lionsgate. These 10.0 million shares will be acquired from funds affiliated with MHR Fund Management LLC.
Discovery Communications and Liberty Global will each pay $195 million for their respective stakes in Lionsgate. In connection with the share acquisitions, Discovery Communications and Liberty Global are each entering into separate commercial agreements with Lionsgate providing for a preferred partner relationship with respect to licensing rights for certain theatrical and television content across their markets.
Discovery Communications (Nasdaq: DISCA, DISCB, DISCK) is the world’s #1 pay-TV programmer reaching 3 billion cumulative subscribers in more than 220 countries and territories. For 30 years Discovery has been satisfying curiosity and entertaining viewers with high-quality content through its global brands, led by Discovery Channel, TLC, Animal Planet, Investigation Discovery, Science and Turbo/Velocity, as well as U.S. joint venture network OWN: Oprah Winfrey Network, and through the Discovery Digital Networks portfolio, including TestTube, Seeker and SourceFed. Discovery owns Eurosport, the leading pan-regional sports entertainment destination across Europe and Asia-Pacific. Discovery also is a leading provider of educational products and services to schools, including an award-winning series of K-12 digital textbooks, through Discovery Education.
The Debevoise team is led by partner Jonathan E. Levitsky and includes partners Richard D. Bohm, Gary M. Friedman, Paul M. Rodel and Elizabeth Pagel Serebransky.
Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.