The media sector covers publishing, music, film, television, advertising and radio and works closely with Linklaters' TMT practice specialists.
The media industry has felt the impact of the global economic downturn with Corporates and investors in the sector witnessing asset valuations falling significantly. Advertising revenues for both radio and television are down, in part due to the proliferation of digital multi-channels and the impact new technologies are having on delivery and access of media.. Consolidation is a likely response in the broadcasting industry, itself already affected by the consequences of the piracy of music, film and TV. Digital technology and convergence remains a major issue in the sector as improved broadband access influences investment in new distribution models and raises challenges in relation to such issues as the protection of content rights.
With the 2008-2012 UK Government-driven digital switchover programme now rolling out, Linklaters’ significant experience in advising on all aspects of digital terrestrial television broadcast transmission agreements, multiplex capacity and carriage agreements, and the UK digital switchover project generally, has enabled Linklaters to reaffirm its reputation as a leading adviser in the digital terrestrial television market.
Media companies and broadcasters come to Linklaters for integrated and market-leading corporate/M&A, regulatory and competition practices and IP and TMT expertise. The firm has notable experience of advising on the restructuring of media groups, asset finance and tax-related media work and the structuring of open and closed media investment funds.
The leisure sector covers hotels, casinos, online gaming, travel, restaurants and pubs, spas and theme parks. The trend towards large, integrated resorts, providing a wide spectrum of family entertainment, means that many of the world’s biggest casinos are also hotel operators.
Many of the world’s leading hotels, casino operators, leisure organisations, travel companies and restaurant chains rely on Linklaters’ outstanding global M&A, real estate, finance, construction and property litigation expertise.
Pre-eminent hotel operators and travel companies instruct Linklaters on their most challenging legal requirements. These include the disposal and acquisition of sites, acquisition financing, bilateral and syndicated credit facilities, hotel management agreements, such as sale and leaseback or “sale and manage-back”, construction and development, the establishment of REITs, real estate finance and property litigation.
Hotels are increasingly shifting away from ownership to management contracts. As leading operators diversify into mixed-use developments, new hotel brands have appeared. Emerging economies such as India, China and the Middle-East are likely to provide major opportunities to global hotel chains, which will need the experienced legal advice that Linklaters provides in these regions. Some major industry players are liquidising assets while securing long-term management contracts or leases to free up capital for expansion. Linklaters has the experience to deal with all these issues in this fast-changing industry.
Contact us
If you would like to discuss legal issues with Linklaters’ global media and leisure team, please contact Roger Barron or Marianne Schaffner (media) or Pieter Puelinckx (leisure).
You can find out more about Linklaters’ media and leisure capabilities from sector manager Boko Inyundo on (44 20) 7456 5667.
Recent media and leisure transactions include advising:
- Bertelsmann subsidiary, RTL Group SA, in relation to its acquisition of 66.6% of a Greek free to air television broadcaster Alpha Media Group
- Thomson on the USD $15bn merger of The Thomson Corporation and Reuters Plc which included assisting Thomson on a number of pre- and post-merger steps relating to the reorganisation of the Thomson and Reuters businesses under the new group top holdings and the group and external financing of the merger
- Viacom on a range of legal issues in the UK and Germany, including production, structured financing, distribution, licensing, and broadcast regulation of its television and motion picture activities
- Discovery Networks on the establishment of a joint venture with TVN in Poland for the launch of Discovery Historia Ltd
- National Grid Wireless on all aspects of broadcasting digital switchover in the UK including the c. £1 billion procurement by the BBC of a contract for the build out of post digital switchover terrestrial broadcast transmission infrastructure
- XLt, the interactive DVD producer, on the licensing and production of interactive DVDs/computer games based on famous toy characters
- BBC on the commercial coding, multiplexing and transmission agreements with BSkyB, Crown Castle and BBC Technology in relation to the launch of the digital terrestrial platform Freeview
- Square Enix Holdings Co Ltd/SQEX Ltd - the holding company of an international video games and publishing business headquartered in Tokyo – on its £84.3 m acquisition of Eidos plc, the UK-based owner of a variety of gaming properties including Tomb Raider
- Deutsche Bank as underwriters to the U.S.$494 million Hong Kong listing of SJM Holdings, a Macau-based gaming operator
- Harrah’s Entertainment on its £293.3 million recommended cash offer for London Clubs International – its first ever acquisition in Europe
- Rank on the £211 million sale and leaseback of 87 properties throughout the UK
- InterContinental Hotels Group - sale of portfolio of 7 European Hotels in a ground breaking “sale and manage back” transaction, with IHG selling the hotels subject to 30 year hotel management agreements with two consecutive options to extend for ten years
- Société Générale and Merrill Lynch on the financing of Moor Park Real Estate’s €863 million takeover of 72 hotels in Germany and 19 hotels in the Netherlands
- Willis, insurance broker, on the sale of its landmark global headquarters - set to become one of London’s most prestigious hotels - to U.S. retail, hotel and leisure developer Thomas Enterprises
