Clifford Chance advising Hearst on strategic NFL–ESPN transaction

Global law firm Clifford Chance is advising long-time client The Hearst Corporation on the recently announced strategic investment transaction between the National Football League and ESPN, which is co-owned by The Walt Disney Company and Hearst.

In the transaction, the NFL will exchange the NFL Network and certain rights to its popular RedZone and NFL Fantasy properties for a 10%-interest in ESPN.

The transaction has been approved by Disney, Hearst and the NFL's member clubs; it remains subject to regulatory clearances.

Capital Markets partner Kathleen Werner is leading the transaction with support from Antitrust partners Brian Concklin and Leigh Oliver and Tax partner Philip Wagman.