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Corrs Chambers Westgarth has acted as Australian counsel for US talent agency William Morris Endeavour Entertainment on its acquisition of 49 per cent of creative agency Droga5.
Firms: Corrs Chambers Westgarth (Australian counsel for William Morris Endeavour Entertainment); Paul Weiss (International counsel for William Morris Endeavour Entertainment)
Area: Corporate M&A
Value: Not officially disclosed, but The New York Times reported the transaction was estimated at $US225 million
Key players: The core Corrs team was led by partner Andrew Lumsden (pictured) who was supported by partner Lizzie Knight, senior associate Maggie Wong and lawyers Daria Orjekh and Melissa Storey. The larger Corrs team advising on the deal also included banking & finance partner Shaun McGushin and lawyer Zankhna Shah; workplace relations partners Stephen Price, Jack de Flamingh and lawyer Jessica Digby; intellectual property partner Eugenia Kolivos and lawyer Heather Hong, and property partner Paul Carrick and lawyer Ramya Kumar
Deal significance: As part of the transaction, Droga5, whose clients include Coca-Cola and Motorola, will transfer all of its assets to a special purpose vehicle and WME, which represents stars including Lady Gaga and Madonna, will have a 49 per cent interest in that company. Lead Corrs partner Andrew Lumsden said: “It was great to work with WME on the Australian aspects of this important deal to create a large creative, advertising, talent and entertainment business.”
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