Milbank, Tweed, Hadley & McCloy advised international entertainment corporation, Entertainment One Ltd. (“eOne”) on the financing for its acquisition of a 51% stake in The Mark Gordon Company ("MGC"), creating an independent studio joint venture that will produce and finance premium television and film content for the major US networks and international distribution. The acquisition was financed through drawing under its amended credit facility which, among other things, increased the existing term loan and revolving credit capacity by US$75,000,000 and US$100,000,000, respectively.
MGC is one of the world's most successful television and film producers, which counts hit TV shows such as Grey’s Anatomy and Hollywood blockbusters including Saving Private Ryan among its successes. The partnership unites MCG with eOne's extensive international distribution network, which was built on the success of children’s cartoon character Peppa Pig, to create a leading television and film production company with global reach.
Under the terms of the agreement, eOne will acquire 51% of MGC from The Mark Gordon Revocable Trust for consideration of US$132.6 million, comprising US$127.5 million in cash and US$5.1 million in eOne shares (based on a 30-day volume weighted average share price) payable on completion of the deal, with the opportunity to acquire the remaining 49% after an initial seven-year term.
The team was led by Global Securities Partner, Tim Peterson (London) with Leveraged Finance Partner, Michael Bellucci (New York) and Leveraged Finance associates Laura Larsen (New York), Brett Pallin (New York) and Michelle Gilmore (London).
Tim Peterson remarked, “eOne is a dynamic company with a broad global portfolio of content assets. We have enjoyed assisting them to find debt financing for its portfolio expansions.”
About Milbank
Milbank, Tweed, Hadley & McCloy is a leading international law firm that has been providing innovative legal solutions to clients throughout the world for nearly 150 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC.
The firm’s lawyers provide a full range of legal services to the world’s leading commercial, financial and industrial enterprises, as well as to institutions, individuals and governments. Milbank’s lawyers meet the needs of its clients by offering a highly integrated and collaborative range of services across key practice groups throughout its global network. Milbank’s integrated practice is underpinned by its attorneys’ acknowledged technical excellence, sectorial experience and a strong tradition of innovation and client service.
