Paul, Weiss client The Carlyle Group, together with other investors, successfully took private Focus Media for $3.7 billion in the largest-ever going-private deal by a Chinese company. The Carlyle Group invested in Focus Media, China's largest lifestyle-targeted interactive digital media network, through its Asia Partners III fund alongside FountainVest, CITIC Capital, China Everbright, Nanchun Jiang and Fosun International Limited.

El Rey Network and Univision Communications jointly announced their entry into a joint venture pursuant to which Univision made a strategic investment in El Rey, a new general entertainment, English-language cable network geared towards young-adult, Hispanic audiences that will launch later this year. El Rey was created by acclaimed film director Robert Rodriguez and Paul, Weiss client FactoryMade Ventures.

Paul, Weiss client Time Warner Cable (TWC) has agreed to be the charter distributor for SportsNet LA, the new regional television network for the Los Angeles Dodgers beginning with the 2014 Major League Baseball season. SportsNet LA was created by the Los Angeles Dodgers ownership group, American Media Productions, LLC (AMP). TWC will carry the new network for its customers throughout Southern California and Hawaii under a long-term affiliation deal. In addition, in return for agreeing to make payments over the life of the deal, TWC will be the exclusive advertising and affiliate sales agent for the new network and will have certain branding and programming rights with respect to the network.

As reported in The New York Times, clients Trey Parker and Matt Stone, the creators of "South Park" and "The Book of Mormon," have announced the formation of a new entertainment company, Important Studios. Stone and Parker partnered with the Raine Group, a private equity fund with close ties to our client WME, to create Important Studios, which will house all of Stone and Parker's current and future entertainment activities, including "South Park" and "The Book of Mormon."

InterMedia Outdoor Holdings, LLC (IMOH LLC), a portfolio company of our private equity fund client InterMedia Partners VII, has entered into a definitive merger agreement with Outdoor Channel Holdings, Inc. (NASDAQ: OUTD) to create InterMedia Outdoor Holdings, Inc. (IMOH Inc.), a publicly traded media and content company serving the large and growing market of outdoor enthusiasts in the United States.

Paul, Weiss client Caesars Entertainment Corporation (CEC) and its indirect subsidiary, Corner Investment Propco, LLC, entered into a $185 million credit agreement with Credit Suisse AG, Cayman Islands Branch, as administrative agent.  The proceeds of the credit facility will be used to finance the redevelopment of Bill's Gamblin' Hall & Saloon, which will include a hotel, a restaurant, a club, a new parking garage structure and various other support facilities. 

Paul, Weiss advised Silver Lake, Temasek Holdings and another investor on their increased investments of Alibaba Group Holding Limited, the largest e-commerce company in China, on its buyback of shares from American multinational internet corporation, Yahoo! in transactions valued at approximately US$7.6 billion. Paul, Weiss also advised other investors in their purchase of convertible preference shares in connection with this buyback.

Paul, Weiss client Discovery Communications (Discovery) in conjunction with the Oprah Winfrey Network (OWN) announced an exclusive partnership with actor, director, screenwriter, playwright and producer Tyler Perry to become his singular destination for all new television series and projects. The partnership includes two new scripted series for the network to premiere in mid-2013 and will be the first original scripted series produced for OWN. Perry will executive produce, write and direct both series.

Paul, Weiss client DreamWorks Animation SKG, Inc. signed an agreement with media fund China Media Capital, media conglomerate Shanghai Media Group and investment company Shanghai Alliance Investment Co, Ltd. to establish joint venture company Oriental DreamWorks, which is positioned as the leading China-focused family entertainment company. The company will engage in the development and production of Chinese animated and live-action content and will pursue business opportunities in live entertainment, theme parks, mobile, online, interactive games and consumer products.

As reported June 20 in Reuters, the Financial Times and other media outlets, AKQA Holdings, Inc. agreed to be acquired by global advertising agency WPP plc. AKQA is the world's leading independent digital agency and holds 19 "Agency of the Year" titles. AKQA will operate as an independent and stand-alone brand within WPP, and will be led by founder and CEO Ajaz Ahmed and Chairman Tom Bedecarré. Paul, Weiss advised AKQA and its principal shareholders, funds affiliated with General Atlantic LLC, in this transaction.