Akin Gump Advises AT&T in Sale of Game Show Network
(Dallas) – Sony Pictures Entertainment (SPE) and AT&T Inc. today announced that SPE has acquired AT&T’s minority stake in Game Show Network, LLC. A team from Akin Gump advised AT&T in the transaction.
SPE now owns 100 percent of the multimedia entertainment company offering original and classic game programming to millions of subscribers through the U.S.-based cable network. It also offers online and mobile games to millions of users through GSN Games.
In connection with the transaction, AT&T received approximately $500 million, including proceeds for its equity stake valued at $380 million (before transaction-related adjustments) and dividends of approximately $130 million. Following the deal, the Game Show Network channel will continue to be carried on DIRECTV.
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The Akin Gump team was led by corporate partner Thomas Yang. He was joined by corporate counsel Nicholas Houpt and associates Alyson Rotunda and Laura Lindsay Tatum; tax partner Alison Chen and associate Michael Farrell; and employee benefits partner Rolf Zaiss.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 1,000 lawyers and advisors in offices throughout the United States, Europe, Asia and the Middle East.
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