Davis Polk advised Comcast Corporation on the deal, while Kirkland & Ellis advised Charter Communications.
Comcast Corporation announced the formation of a 50/50 joint venture with Charter Communications, Inc. to develop and offer a next-generation streaming platform on a variety of branded 4K streaming devices and smart TVs. Comcast will license Flex, its aggregated streaming platform and hardware, to the joint venture, contribute the retail business for XClass TVs and also will contribute Xumo, a streaming service it acquired in 2020. Charter will make an initial contribution of $900 million, funded over multiple years. The closing of the joint venture is subject to customary closing conditions.
Comcast is a global media and technology company that connects people to moments that matter. Comcast is principally focused on connectivity, aggregation and streaming with 57 million customer relationships across the United States and Europe.
Charter is a leading broadband connectivity company and cable operator serving more than 32 million customers in 41 states through its Spectrum brand.
The Davis Polk corporate team included partner Brian Wolfe (Picture) and associate Daisy Wu. Partner Matthew J. Bacal and associates Christopher C. Woller, Samantha Lefland and Oliver Booth provided intellectual property advice. Partner Patrick E. Sigmon and associate Aliza Slansky provided tax advice. Partner Arthur J. Burke provided antitrust and competition advice. Partner Kyoko Takahashi Lin and associate Charlotte R. Fabiani provided executive compensation advice.
The Kirkland team was led by corporate partners Michael Brueck and Romain Dambre and associates Christina Shin and Jermaine Cherry, technology & IP transactions partners Neil Hirshman, Adam Petravicius and Frank Wei and associate Seth Pritchard, and tax partners Jared Rusman and Steven Ort.
Involved fees earner: Matthew Bacal – Davis Polk & Wardwell; Oliver Booth – Davis Polk & Wardwell; Arthur Burke – Davis Polk & Wardwell; Charlotte Fabiani – Davis Polk & Wardwell; Samantha Lefland – Davis Polk & Wardwell; Patrick Sigmon – Davis Polk & Wardwell; Aliza Slansky – Davis Polk & Wardwell; Kyoko Takahashi Lin – Davis Polk & Wardwell; Brian Wolfe – Davis Polk & Wardwell; Christopher Woller – Davis Polk & Wardwell; Daisy Wu – Davis Polk & Wardwell; Michael Brueck – Kirkland & Ellis; Jermaine Scott Cherry – Kirkland & Ellis; Romain Dambre – Kirkland & Ellis; Neil Hirshman – Kirkland & Ellis; Steven Ort – Kirkland & Ellis; Adam Petravicius – Kirkland & Ellis; Seth Pritchard – Kirkland & Ellis; Jared Rusman – Kirkland & Ellis; Christina Shin – Kirkland & Ellis; Frank Wei – Kirkland & Ellis;