They’re big, grunty TV shows like “Breaking Bad” and “Mad Men” that produce massive profits, so for AMC Networks’ €750m (£467.4m) acquisition of the international content of Liberty Global,the world’s biggest international cable outfit, the legal work went to Clifford Chance and Hogan Lovells.
The deal gives AMC 68 new television channels that are distributed to more than 390 million households in 138 different countries. The deal will allow AMC to distribute its original programming across the globe.
The Lawyer reported that Clifford Chance advised longstanding client AMC Networks on the transaction, which it said was particularly labour-intensive. “I’ve lost count of the number of partners involved,” said media head Daniel Sandelson, who co-led on the deal. “We must’ve had 80 to 100 lawyers working on this.”
The Clifford Chance team was based in London, but also heavily utilised lawyers in New York, Amsterdam and Moscow, as well as in the Czech Republic and Spain.
Sandelson said: “It’s very unusual for a TV business to be this widely dispersed. It involved recognising regulations in a variety of different jurisdictions. The sheer number of territories involved made this a bigger than normal task.”
“Just watch Breaking Bad,” he continued. ”AMC is an incredible company as they’re so creative and have so many original shows. They’re great people to work with.”
Sandelson was joined leading the corporate side of the deal by Ben Sibbett in New York. Clifford Chance’s tax team was led by Nick Mace in London and Philip Wagman in New York.
Hogan Lovells advised existing client Liberty Global on the sale-side, led by corporate of counsel Keith Woodhouse and the firm’s co-head of private equity Alan Greenough. Both are based in London.