November 15, 2006 – LAWFUEL – Law News, Law Jobs Network – Shearman & Sterling LLP is currently advising private equity investment firm Diamond Castle Holdings, LLC in an agreement by their affiliate Bonten Media Group LLC to purchase all of the issued and outstanding stock of BlueStone TV Holdings, Inc., a wholly owned subsidiary of BlueStone Television LLC and a portfolio company of Providence Equity Partners, Inc. for $230 million pursuant to a stock purchase agreement among Bonten, BlueStone TV, BlueStone and certain other parties for limited purposes. BlueStone Holdings owns and/or operates 14 television stations with multiple network affiliations in eight markets nationwide. The transaction is expected to close in the first half of 2007, subject to regulatory approval and other customary closing conditions.
Diamond Castle Holdings, LLC was founded in 2004 by five former managing directors of DLJ Merchant Banking Partners that focuses on investments in the power, financial services, media and communications, healthcare, and industrial sectors. Providence Equity Partners, Inc. is a private investment firm specializing in equity investments in media and communications companies. The principals of Providence Equity manage funds with over $9.0 billion in equity commitments and have invested in more than 100 companies operating in over 20 countries since the firm’s inception in 1991.
Principal attorneys on the transaction include partner Stephen Besen (New York-M&A) and associates Sola Adepetu (New York-M&A), Sara Haskamp (New York-M&A), Andrew Noreuil (New York-M&A), and Henry Robbins (New York-M&A). Other attorneys involved are partners Jeffrey P. Crandall (New York-Executive Compensation & Employee Benefits), Don Lonczak (New York-Tax), Daniel Schimmel (New York-Litigation), Steven E. Sherman (Menlo Park-Finance Group), Henry Weisburg (New York-Litigation), of counsel Clarence W. Olmstead Jr. (New York-Property), and associates Harry Doscher (Menlo Park-Intellectual Property), Christopher Dumper (San Francisco-Capital Markets/Asset Management), Kelly Karapetyan (New York-Antitrust), Christy Lai (Menlo Park-Intellectual Property), Anna Lee Iijima (New York-Property), Bridget Mazour (New York-Executive Compensation & Employee Benefits), Jason Pratt (New York-Property), J.D. Siegel (New York-Property), Romica Singh (New York-Executive Compensation & Employee Benefits), Michael Sunwoo (New York-Tax), Christopher Tulimieri (New York-Property) and Samuel Waxman (New York-Intellectual Property). Legal assistants Kate Guydan (New York-M&A), Pam Stolzer (New York-M&A) and Christopher Sessa (New York-Property) also assisted in the transaction.