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Discovery Communications Amends Cable Joint Venture With Hasbro

Paul, Weiss client Discovery Communications LLC announced an amendment to its relationship with Hasbro, Inc. with respect to HUB Television Networks LLC, their cable television joint venture which operates The HUB Network in the United States. The Hub Network will become Discovery Family Channel effective October 13. Pursuant to these amendments, Discovery has increased its equity interest in the joint venture to 60 percent, and Hasbro retains a 40 percent equity interest in the joint venture. In connection with this reduction in its equity ownership, Hasbro was paid a cash purchase price of $64.4 million by Discovery.

The Paul, Weiss team included corporate partner James Schwab; entertainment counsel Carolyn Casselman; and tax partner Jeffrey Samuels and counsel Alyssa Wolpin.

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