CHICAGO (May 13, 2008) — McDermott Will & Emery is pleased to announce that the Firm represented Tribune Company, America's largest employee-owned media company, in a partnership transaction with Cablevision Systems Corporation involving Tribune's Newsday Media Group. Newsday is one of the nation's largest daily newspapers, serving Long Island and New York City. Newsday was valued at $632 million in the transaction, and Tribune Company will also receive $18 million at closing as prepaid rent under certain leases of property used in the business, bringing the total transaction value to $650 million. The completion of this transaction is subject to certain customary closing conditions, including regulatory approval.
The McDermott cross-departmental team representing Tribune Company was led by Washington partners Blake Rubin and Andrea Whiteway and Chicago partners Brooks Gruemmer and Samuel Wales, with assistance from Jon Finkelstein, Christopher Lin, Daniel Fuchs, Kathleen Edwards, Matthew White, Thomas Hefty, Mark Bilut, Todd Wiener, Stephen Erf, Paul Compernolle, John Bisbikis, Jennifer Mikulina and Patrick McCurry. In addition to serving as tax and M&A counsel, the McDermott team advised Tribune Company on intellectual property, real estate, environmental, employee benefits and labor matters relating to the transaction.
McDermott has one of the largest and most comprehensive law firm tax practices in the world, advising our clients on all tax-related areas, including corporate, employee benefits, private clients, state and local taxation, and international matters. McDermott's depth of experience and sophisticated resources enable the Firm to serve every tax need of its clients.
McDermott's M&A Practice Group represents a wide spectrum of publicly and privately held businesses from Global 50 companies to venture backed start ups, as well as private equity funds and investment banks. Our approach to M&A is to develop a thorough understanding of a client's business objectives and strategies so that we can provide superior client service and results. Additionally, our ability to leverage our extensive industry experience and recognized areas of practice, such as tax, health and life sciences, intellectual property, energy, employee benefits, and antitrust and competition, across multiple offices, distinguishes our practice and adds value to each M&A transaction. With more than 150 lawyers practicing on one integrated platform, McDermott's M&A Practice is recognized worldwide, placing in the Top 20 in several deal tables since 2006.