BRUSSELS/LONDON/SEOUL/WASHINGTON—Covington served as lead global regulatory counsel to Warner Bros. Discovery in connection with its $111 billion merger with Paramount, one of the largest media and entertainment transactions to date. The transaction will combine WBD’s global film, television, streaming, news, and gaming businesses with Paramount’s film and television studios, streaming platforms, and other media assets.
Covington advised WBD throughout the transaction’s global regulatory review, drawing on the firm’s antitrust and competition, foreign investment, Federal Communications Commission, national security, public policy, and litigation capabilities. The firm helped secure nearly 70 clearances from competition and foreign investment authorities across the globe, including the U.S. Department of Justice, European Commission, United Kingdom, China, Canada, and Brazil. Covington also served on the team defending WBD in litigation challenging the transaction.
The representation builds on Covington’s longstanding relationship with WBD across several transformative strategic matters. Covington previously represented Discovery in its $14.6 billion acquisition of Scripps Networks Interactive and served as global antitrust, foreign investment, and broadcast licensing counsel in its $43 billion acquisition of WarnerMedia. The firm subsequently advised WBD through a period that included its planned corporate separation, proposed transaction with Netflix, competing Paramount bid, and ultimate acquisition by Paramount.
The Covington team was led by Derek Ludwin and Ross Demain in Washington, DC, and Johan Ysewyn and Melissa Van Schoorisse in Brussels and London. The team included Matt DelNero, David Fagan, Joshua Gray, Laurie-Anne Grelier, Stacy Kobrick, Henry Liu, Carole Maczkovics, James Marshall, James O’Connell, Jane Pinho, Ryan Quillian, Brian Smith, and Silvia Wu. The core team was supported globally by more than 50 Covington lawyers and advisors.
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