Herbert Smith has advised long-standing FTSE 100 client BSkyB (‘Sky’) on two recent transactions, the acquisition of Parthenon Media Group, a leading independent international distribution and multi-media rights management company and its proposed buyback of up to £500 million shares.
The share buyback will, subject to shareholder approval, be implemented by way of on-market repurchases from non-News Corporation (‘News Corp’) shareholders in Sky, with a contractual agreement with News Corp to sell the corresponding number of shares to Sky off-market to maintain News Corp’s holding in Sky at the same level as applied prior to the on-market purchases.
The Herbert Smith teams advised alongside Sky in-house lawyers Sianne Walsh and Clare Foxon. The Herbert Smith teams were led by global head of M&A Stephen Wilkinson, assisted by corporate associates Andy Radford and Francis Dalton (on the Parthenon acquisition) and Brian O’Malley (on the share buyback).
Stephen Wilkinson comments:
“The acquisition of Parthenon will enable Sky to move to an in-house model of generating additional revenue from the sale of overseas rights on its original content, and therefore achieve its aim of further investment in the UK creative economy; we are delighted to have assisted our client on this transaction and its latest share buyback programme.”
Allen & Overy advised News Corporation on the share buyback and PwC Legal advised Parthenon Media Group.
