Davis Polk has taken the lead role advising Comcast as the US media and telecoms giant spins off Sky and NBCUniversal into a separate business.
The deal will see Comcast separate into two publicly traded companies, with NBCUniversal and Sky listed as a separate entity.
Davis Polk fielded a team based entirely out of its New York headquarters, with head of the firm’s M&A group William Aaronson and M&A partner Cheryl Chan leading.
Head of the firm’s tax practice David Schnabel and tax partner Patrick Sigmon advised on tax, while partners Kyoko Takahashi Lin and Travis Triano advised on executive compensation. Also on the team were intellectual property and commercial transactions partner Matthew Bacal, and capital markets group co-head John Meade.
The move to split off NBCUniversal and Sky comes after Comcast purchased Sky for $22bn in 2018, following a public bidding war with 21st Century Fox, while Comcast also made an unsuccessful attempt to outbid Disney on its acquisition of Fox’s entertainment assets.
Davis Polk also advised Comcast on the 2018 deal, with a transatlantic team that included then-managing partner Thomas Reid, now chief legal officer and secretary at Comcast, as well as Neil Barr, who became firm chair and managing partner the next year.
Freshfields worked alongside Davis Polk on the Sky acquisition, advising Comcast with a team that included corporate partner Julian Long, global co-head of tech, media and telecoms Michele Davis, and corporate partner Kate Cooper, who was a senior associate at the time.
The spin-off is expected to complete within one year, subject to closing conditions including final approval by Comcast’s board and regulatory approval, and will see Comcast shareholders hold shares in both Comcast and the new NBCUniversal/Sky listed company.
The news comes as Sky is also reported to be purchasing ITV’s broadcasting unit for around £2bn.
