Nussbaum, Cain & Clark named Dealmakers of the Year by The American Lawyer
Corporate partners Andy Nussbaum, Karessa Cain, and Hannah Clark led the firm’s team advising Warner Bros. Discovery in a transaction widely regarded as one of the most significant and contested M&A matters of the decade. They were named 2026 Dealmakers of the Year by The American Lawyer in recognition of that work.
The engagement arose following Warner Bros. Discovery’s announcement of a definitive merger agreement with Netflix and the subsequent launch of a takeover bid by Paramount Skydance, the largest takeover attempt in media history.
What began as a proposed tax‑free separation of WBD’s linear networks from its streaming and studio businesses quickly evolved into a complex, multi‑party contest marked by a hostile all‑cash offer, extensive regulatory and litigation issues, and sustained shareholder engagement.
Over the ensuing months, the team navigated a rapidly shifting landscape of competing bids, board deliberations, regulatory scrutiny, and a hostile proxy contest, consistently pressing for improved terms and greater certainty for WBD and its shareholders.
That effort culminated in WBD’s agreement to be acquired by Paramount Skydance in an approximately $111 billion all‑cash transaction, representing $31 per share—one of the largest media deals on record and featuring the largest cash regulatory termination fee ever negotiated.